OYO widens losses in FY19, revenue rises four-fold.
A Mixed Bag
Hospitality platform OYO posted losses to the tune of $335m during FY19, up from $53m a year ago on the back of inherent costs of establishing new markets, including those related to talent, market-entry and operational expenses.
Meanwhile, it reported a four-fold increase in revenue to $951m for the same period.
Business operations in India contributed to nearly 63.5% or $604m of the consolidated figure as the business clocked a 2.9x YoY growth. [ET Tech]
The Icarus Syndrome
Truth be told, OYO has not been in a good space of late. The nine-year old startup has undertaken layoffs across multiple markets across the globe as it struggles to rein in costs. And as per this report, OYO's real problems can be traced back to its lead investor, SoftBank's dramatic overreach. [NDTV]
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