A budget lodging group is aiming for premium accommodation in the public market. Revenue at India’s Oyo Hotels and Homes collapsed 69% last year, forcing the company to curtail its dizzying global expansion plans and restructure the business model. An initial public offering at a mooted $11 billion would be a small upgrade from its peak pre-pandemic valuation and imply a lot of faith in young founder Ritesh Agarwal and in a travel rebound.
at a mooted $11 billion would be a small upgrade from its peak pre-pandemic valuation and imply a lot of faith in young founder Ritesh Agarwal and in a travel rebound.
Hotel owners use Oyo’s technology to manage properties more efficiently and deploy tools that go beyond search and discovery, booking and payment and dynamic pricing. The company allows guests to order a burger in its app without calling the front desk, provides a single window to aggregate multiple booking channels and enough data to track individual cleaning-staff performance.
At 19 times sales in the year to March, Oyo’s implied valuation would be less than the 31 times commanded by Airbnb over a similar period. Its U.S. peer has a simpler business, however, and was generating cash before the pandemic struck. The multiple also looks robust next to TPG-backed Vacasa, a property manager going public in New York at just 8 times sales.
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