Oyo Accelerator Programme News Today

Oravel Stays, the parent company behind the travel tech brand Oyo, is eyeing to clock Rs 100 crore in Q4FY24 profit after tax (PAT) and a 20 per cent revenue growth for FY24, according to informed sources. These numbers were part of an internal review meeting between founder Ritesh Agarwal and senior management earlier this week, where he spoke about the companys profitability trajectory and growth in business.

In March last year, Oyo introduced its Accelerator Programme to support 50 first generation hoteliers. It aspired to boost these hoteliers' portfolio expansion through the surge in business and leisure travel.

JP Morgan has provided Oyo with a Rs 200 crore credit facility to support the expansion of Oyos Accelerator Programme. Launched in March last year, the program aids over 700 hotels and 85 first-generation hoteliers, offering mentorship, technology access, financial support, and networking opportunities.