OYO, the tech-driven hospitality unicorn, has announced a significant milestone by reporting its first-ever net profit of Rs 229 crore for the fiscal year ending March 2024. This achievement marks a pivotal moment for the company as it prepares for its initial public offering (IPO).

The company’s founder, Ritesh Agarwal, took to X (formerly Twitter) to celebrate the accomplishment, revealing that the profit significantly surpassed his previous estimate of Rs 100 crore. In his tweet, Agarwal attributed the success to the dedication and hard work of OYO’s employees, or “OYOpreneurs,” and emphasized the importance of setting realistic expectations.

“One big learning for me over the years is under-promise and over-deliver. Our audited results are published post-adoption by the board. The effort of OYOpreneurs has delivered Rs 229 crore net profit, exceeding my earlier estimate of Rs 100 crore,” Agarwal said.

This landmark financial performance highlights OYO’s robust growth trajectory and operational efficiency, setting a positive tone as the company gears up for its anticipated IPO. The substantial profit figure underscores the company’s ability to generate significant returns amidst the evolving dynamics of the global hospitality market.

OYO’s recent financial success is a testament to its strategic initiatives and market resilience, positioning it favorably for future expansion and investor interest. As the company prepares to enter the public markets, stakeholders will be keenly watching to see how it leverages this profitability to drive further growth and innovation.