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NEW DELHI: Oravel Stays Limited, operator of hospitality brand Oyo Rooms which has a network of budget hotels, reported a 54% year-on-year decline in revenue for fiscal 2020-21 to 89 crore.

The company reported a net loss of 241 crore during the fiscal, lower than 326 crore in FY20.

As per information filed with the Registrar of Companies, Ministry of Corporate Affairs, Oravel Stays' operating revenue in FY21 was down to 11.81 crore from 36.29 crore a year ago. In 2018-19, its operating revenue stood at 35.95 crore. The data was accessed via business intelligence platform Tofler.

On 1 October, the hotel-booking startup filed draft red herring prospectus with market regulator Securities and Exchange Board of India (Sebi) for a 8,430 crore ($1.1 billion) initial public offering (IPO).

The initial share sale comprises fresh issue of equity shares aggregating up to 7,000 crore and offer for sale to the tune of 1,430 crore.

In the past, Oyo rooms has been accused of using predatory pricing and not following through on its pre-signed agreements. The company has also been accused of unilaterally changing rules for partner hotels and threats of legal action for declining bookings.

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