SoftBank-backed Oyo pares losses even as it pushes South Asia expansion

OYO in Manali, India. Photo: OYO Rooms

Budget hotel startup Oyo (Oravel Stays Pvt. Ltd) has cut its estimated net loss to a tenth of its overall sales in 2018-19 even as it continued to focus on expanding in India and South Asia, said Aditya Ghosh, the company’s chief executive officer.

However, in value terms, the company’s net loss is estimated to have risen to 51.18 crore ($7.5 million) during the year ended 31 March from36 crore ($5.25 million) in 2017-18, Ghosh said at a news conference.

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