OYO files addendum with SEBI for its public issue

Global hospitality services platform Oyo has filed addendum to its earlier submitted draft red herring prospectus to market regulator Securities and Exchange Board of India on Monday.This additional information is expected to help investors in taking better and well-informed decisions regarding its public issue.OYO has around 1.68 lakh storefronts across more than 35 countries that benefit from its platform. While OYO has a global footprint, its core growth markets comprise India, Indonesia, Malaysia and Europe.OYO’s share of the total addressable market in its core growth markets was less than one per cent creating significant opportunities for it to grow its footprint. OYO has significant opportunities as 88 per cent of global hotels are in the unorganised space.Faced with challenges that emanated from the Covid-19 pandemic, the company implemented a number of measures, including accelerated adoption of technology and products to reduce operating costs, and repositioning its services offerings.