To celebrate the new year, 10 lakh people booked overnight rooms in OYO, the company earned ₹ 110 crores

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On New Year’s Eve, a record number of people made night bookings at the hotel chain Oyo. The company’s founder and CEO Ritesh Aggarwal said that on the occasion of New Year, more than 10 lakh people booked rooms for more than 5 lakh nights and on that day Oyo earned 110 crores from just bookings.

Ritesh Aggarwal further said, “Nearly 90 weekends have passed since the start of the pandemic in April 2020. However, the bookings we received during the weekend that started on January 1 of the new year were never seen in these last 90 weekends. Around Rs 110 crores have been generated through our platform across the world.”

OYO is preparing to bring IPO

Oyo had submitted draft papers with SEBI on October 1 to raise Rs 8,430 crore through IPO. It is yet to get approval from SEBI. Oyo said that the company will use the proceeds from the IPO for debt repayment and expansion.

Oyo founder Ritesh Agarwal will not sell any stake in this IPO. Agarwal holds around 34 per cent shareholding in the company. In addition, investors such as Lightspeed Venture Partners, Sequoia Capital, Star Virtue Investment, GreenOaks Capital and Microsoft will also not sell their stake.


Usama Younus

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