Founder Ritesh Agarwal said OYO logged its eighth straight quarter of positive EBITDA in Q4 FY24 The CEO also said that the SoftBank-backed startup’s cash reserves stood at nearly INR 1,000 Cr at the end of the year OYO is looking to withdraw its draft red herring prospectus (DRHP) for its initial public offering and refile it after $450 Mn loan refinancing Travel tech unicorn OYO reported its first full year of profitability in the financial year 2023-24 (FY24), posting a net profit of about INR 100 Cr, founder and CEO Ritesh Agarwal claimed. Taking to social media platform X, Agarwal said OYO logged its eighth straight quarter of positive EBITDA in Q4 FY24. He added that the SoftBank-backed startup’s cash reserves stood at around INR 1,000 Cr at the end of the year.
While these are provisional estimates, Agarwal said that the audited numbers will be close to these. The CEO said he is optimistic about OYO’s growth not only in India but also in key international markets such as the Scandinavian region, Southeast Asia, the US, and the UK. The Shark Tank India judge also highlighted that global credit firm Fitch has upgraded OYO’s credit rating, owing to the firm’s improved performance and strong cash flows.
On May 27, Fitch upgraded the long-term foreign and local currency issuer default ratings of OYO parent Oravel Stays to ‘B’ from ‘B-‘ with a ‘stable’ outlook. The upgrade was influenced by several factors such as OYO’s improved EBITDA, declining leve.