OYO Hotels & Homes reports its first profitable year in FY24 with a net profit of nearly Rs 100 crore.
OYO Hotels & Homes reports first profitable year in FY24 with a net profit of nearly Rs 100 crore. This marks OYO's eighth consecutive quarter of positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation), with a cash balance of approximately Rs 1,000 crore. The global tech downturn and reset in startup valuations have led companies to focus on financial stability and prudent growth. OYO, backed by SoftBank, has withdrawn its draft IPO papers twice and is negotiating with investors for a fundraise at a potentially lower valuation.
May 30, 2024
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