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Oyo to continue expansion despite mounting losses

Feb 18, 2020 by The Passage Team
Oyo to continue expansion despite mounting losses

SoftBank Group-backed Oyo Hotels and Homes will continue its expansion into international markets such as Latin America, China and the UK, senior company executives said, even as its losses surged sevenfold last fiscal.

The hospitality startup will also focus on turning profitable in its home market India, where its margins improved 4.1% in 2018-19, Oyo board member Aditya Ghosh said in a conference call with reporters to discuss the audited financial results for FY19.

Oyo’s consolidated loss ballooned to around USD 335 million in 2018-19 from USD 44 million in FY18. The company, one of the world’s largest hotel chains, currently has 18,000 hotel partners and an inventory of 270,000 rooms across India.

Source: Livemint

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