Hospitality technology platform OYO has recorded 11.75% year-on-year (YoY) growth with the addition of around 2,800 corporate clients from January to July 2023, as reported by PTI via Business Standard.
In its OYO Business Travel Trends Report 2023, the company revealed a 20% revenue growth due to business travel during these months compared to last year in the same period.
The report stated: “OYO had added 2,471 corporate clients in the same period last year, recording nearly 12% YoY growth.”
Various business hubs such as Lucknow, Noida, Kochi, Chennai, Jaipur, Coimbatore, Gurugram, Hyderabad, Delhi, Pune and Bengaluru have supported growth in revenue.
The report further stated that Hyderabad has added 660 corporate clients, Gurugram 593 clients, followed by Delhi with 343 clients.
Additionally, the list includes Mumbai, Kolkata and Pune with 282, 268 and 218 clients, respectively.
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The growth is also driven by increasing demand from startups, travel management companies and small and medium-sized businesses.
Prior to that, in July, the company unveiled a new brand called Palette, entering the premium resorts and hotels category.
During the same month, OYO announced plans to add 500 new hotels to meet the increase in booking demand for the ICC men’s cricket world cup to be held in India on October 5, 2023.