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Oyo Achieves Rs 229 Crore Net Profit in FY24, Marking a Milestone
Founder and Group CEO Ritesh Agarwal posted his reminiscence on social media: "One big belief that I have learned over the past—under promise and over deliver. So, there's much to do, but at the very same time, I feel really proud of what we are building together."
Oyo Plans $125 Million Funding Round, Valuation Set at $2.5 Billion: Report
"Fresh fundraise of about $100 million to $125 million that slashes its valuation to $2.5 billion".
With net profit of Rs 100 Crore, FY 24 becomes first profitable financial year for OYO
Ritesh Agarwal emphasized that this milestone marks the company's first net profitable year, with nearly Rs 100 crore in net profit. He also pointed out that the company has maintained a positive EBITDA for eight consecutive quarters and has a cash reserve of around Rs 1,000 crore.
OYO Appoints Rakesh Kumar as Chief Financial Officer in Key Leadership Promotion
Ritesh Agarwal, OYO's Founder and CEO, expressed confidence in Kumar's leadership during efforts to enhance profitability and strengthen the company's financial foundation.
OYO India CEO, Europe head move on
As per sources, Gupta is kicking off his own startup and amid the transition, is mentoring a senior OYO executive to take on his role in the country.
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