While OYO, the hospitality services platform had cut down on bonuses and even salaries, its financial reports show that the CEO’s salary had risen to Rs 5.6 crore in the last financial year.
Ritesh Agarwal, CEO, OYO, used to earn Rs 1.6 crore up until the last financial year when his compensation witnessed a 250 per cent increase. He apparently earned about Rs 21.5 lakh in 2020!
OYO’s costs rose 344 per cent in FY2021. That means, from Rs 153 crore in 2021, it went up to Rs 680 crore in 2022, although the spend on salaries and bonuses was reduced by 27 per cent.
With the travel industry recovering, the hospitality and travel-tech company is reviving its plans for a stock-market debut basis significant cost cuts that have also helped bring down losses.
OYO’s revenue from operations reportedly went up 21 per cent to Rs 4,781.4 crore in the financial year 2022. It was Rs 3,961.6 crore in the previous year.
In early 2021, OYO had to shelve its listing plan as the pandemic had adversely affected the Company’s growth and even forced it to lay off thousands of people.
But now that its losses seem to have narrowed and sales appear to have picked up, it is looking at reviving IPO plans.
Going forward, it plans to focus more on its vacation homes in India, Malaysia, Indonesia and Europe, while operations in China and the US have taken a back seat.