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Hospitality company OYO said on Thursday it will double the number of properties it has available for this year’s Char Dham Yatra, the annual pilgrimage to four shrines in the Himalayas.
The IPO-bound company has 40 hotels in Rishikesh, Haridwar, Srinagar (Pauri Garhwal district), Kedarnath, Joshimath, and Uttarkashi. The 40 new properties will be spread across key locations along the Yatra route, said OYO.
The Char Dham Yatra shrines—Yamunotri, Gangotri, Kedarnath, and Badrinath—attract millions of pilgrims every year. According to the Uttarakhand government, 1.6 million devotees have registered for this year's Yatra.
OYO said its bookings for the Char Dham Yatra have increased 206 per cent compared to the same period last year. Srinagar in Pauri Garhwal district has taken the lead as the most booked destination for the Yatra, followed by Rishikesh and Haridwar.
“The Char Dham yatra holds immense significance for devotees across the world. However, the adverse weather conditions often disrupt it, sometimes even leading to its suspension for days,” an OYO spokesperson said. “We are committed to making the journey easier and more comfortable for pilgrims. By doubling the number of properties available for the yatra, we want to ensure that pilgrims have access to affordable, comfortable and reliable accommodation throughout their journey.”
The Softbank-backed firm recently said that it had turned cash flow positive in the fourth quarter of FY2023, marking its first profitable quarter. The company is anticipated to end the quarter with nearly Rs 90 crore in surplus cash flow.
Oravel Stays, the parent firm of OYO, recently again filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) under the confidential pre-filing route.
The issue size for the company’s public listing was reduced by almost half to between $400-600 billion, all of which will be raised through a primary issuance, in a bid to repay most of the firm’s debt, Business Standard had reported earlier. The company expects an issue timing of November this year, following approvals from Sebi.
