OYO Hotels & Homes has reported revenue of $951 million in its full-year earnings, a more than four-fold increase year-over-year.
The company says operations in India, which recorded revenue of $604 million in the reporting period ending March 2019, contributes 63.5% of revenue.
Consolidated losses for the company increased to $335 million, up from 25% in 2018 to 35% of revenue in 2019 due to international expansion in countries such as China.
OYO says its net loss figure in India was $83 million, or 14% of revenue, compared to 24% during the previous reporting period, with the company attributing the improvement to operating efficiency.
OYO says it is evolving through three “key growth stages” with mature markets such as India seen as in the third stage, China viewed as in the second stage and markets such as the U.S. and Japan in the first stage.
For more mature markets, the company is focusing on maintaining brand presence as well has establishing a “clear path to profitability” while in markets such as China, OYO is focused on creating a strong brand.
In newer markets, the company wants to build both scale and presence.
The company says it hosted more than 180 million guests from more than 120 nationalities from January to December 2019.
Abhishek Gupta, global chief financial officer of OYO Hotels & Homes, says: “As we work towards consistently improving our financial performance, ensuring strong yet sustainable growth, high operational and service excellence and a clear path to profitability will be our key to our approach in 2020 and beyond.
“The company’s increased focus on corporate governance and building a high-performing and employee-first work culture will also drive this next phase of sustainable growth for us. We look forward to adding value to the experience of travellers and asset partners across the globe.”