Online hotel aggregation platform Oyo‘s operating revenue rose 18% to Rs 4,905 crore in FY22 from the previous year, while its net loss narrowed by 45% to Rs 1,851 crore.

The Softbank-backed company was still far behind its pre-COVID annual operating revenue of Rs 13,413 crore in FY20. It had enumerated a net loss of Rs 10,419 crore before the coronavirus pandemic struck. In addition to its initial public offering (IPO) prospectus with the market regulator SEBI, the generosity startup said that it recorded operating revenue of Rs 1,505 crore in the FY23 June quarter. It has clocked a net loss of Rs 548 crore during the period.

Earlier in May 2022, Oyo Hotels, the once high-flying Indian startup, was shelving plans for an Initial Public Offering (IPO) after a market downturn that might have hurt its valuation, according to familiar people with the matter.

The Startup of Oyo, popularly known as Oravel Stays Limited, discussed a change in the offer’s timing by holding multiple meetings in the week and earlier. After consulting with its firm’s bankers and investors, the investor requested not to be identified because the decisions aren’t unveiled yet in public. They said that if the company decides to pick up the process again by the year-end, the earliest likelihood for an IPO would be in 2023.