OYO also revealed that the surge it has seen in the travel agent enrollments can be attributed to the rise in the number of people travelling across the country and the world. 
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OYO also revealed that the surge it has seen in the travel agent enrollments can be attributed to the rise in the number of people travelling across the country and the world. IPO-bound travel tech start-up OYO has recorded over 150 per cent growth in travel agency enrollment rate in the last financial year. Over 5,300 travel agencies worked with the company in FY23 compared to 2,100 in FY22, the company said in a statement.
OYO has a network of over 17,000 hotels globally. They are spread across 400 different cities. By partnering with the travel tech company, the travel agents are able to offer a wider option to the customers (including business travelers, religious travelers, students, leisure travelers, etc) in the form of tour packages which significantly increase revenue opportunities as well.
Commenting on this development, Varun Jain, Chief Operating Officer of the India Business at OYO said: “Collaborating with travel agencies is not just about expanding our reach, it's about cultivating a partnership that fosters mutual growth. They play a crucial role in our business growth by distributing our hotel inventory more efficiently to a larger pool of guests, understanding market trends, customer preferences, and helping us improve our offerings and services. We also ensure continuous revenue growth for our travel agency partners with innovative offers and schemes.”
OYO also revealed that the surge it has seen in the travel agent enrollments can be attributed to the rise in the number of people travelling across the country and the world. The Economic Survey released in January this year revealed that the hotel occupancy rate in November 2022 was around 68 per cent to 70 per cent, reaching the average pre-pandemic level of 2019-20.
OYO is currently gearing for its stock market debut. Business Today had reported earlier that in an internal townhall held recently, Agarwal announced that the company has turned cash flow positive for the first time in the fourth quarter of FY23. The decacorn ended the quarter with a surplus cash flow of Rs 90 crore, the founder reportedly told OYO's employees. Additionally, the company which has been planning to go public since 2021 is aiming to get listed during the Diwali season this year.
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