OYO cuts losses to Rs 325 crore in FY17

New Delhi: Online hotel aggregator OYO has said it has cut losses to an estimated Rs 325 crore in FY17 from Rs 496 crore in the previous fiscal, mainly on account of increase in booking revenue.

The SoftBank-backed company also said in the quarter ended June, it posted its highest grossing months with total booking value touching nearly USD 100 million.

The Gurugram-based firm also said it is looking to capture double digit share of the 4 million rooms market by 2020.

Sharing the company's financial performance, OYO Founder and CEO Ritesh Agarwal in an emailed statement said that losses have come down to "Rs 325 crore estimated for FY 17 as compared to Rs 496 crore in the previous financial year FY16".

He said in the quarter ended June, OYO witnessed its "highest grossing month with total booking value touching nearly USD 100 million".

The company said it currently has over 70,000 rooms in 7,000 hotels across 200 cities.

Commenting on the outlook, Agarwal said: "OYO plans to capture a double digit share of the 4 million-rooms market by 2020. Our booking value has more than doubled in the past year and losses brought down by a third."

In a blogpost, OYO CFO Abhishek Gupta said 98 percent of OYO's demand is coming through own channels and word of mouth with no-commissions to pay.