Oyo Hotels & Homes has shelved some of its grand overseas ambitions. But the slimmed down, SoftBank-backed Indian startup looks stronger, too. If the recovery in budget travel, which is Oyo’s bread and butter, can gain a bit of steam, the company would be relatively well placed for a public listing, even in a tough market.
Oyo, which is incorporated as Oravel Stays, on Monday disclosed data showing narrower losses and a rebound in sales for the year ended in March. For the first quarter of the current fiscal year, the company managed an operating profit—a pleasant surprise for a company with a long history of losses.