Gurugram: Hospitality technology company OYO has witnessed a major shift in its business mix, with India now contributing less than 12 per cent of its overall revenue, according to the company’s latest IPO filing. The United States has emerged as OYO’s largest market, highlighting its transformation from an India-focused budget hotel chain into a global hospitality player.

The updated Draft Red Herring Prospectus (UDRHP) filed ahead of the company’s proposed initial public offering (IPO) shows that a significant portion of OYO’s business now comes from overseas markets, including the US, Europe, the Middle East and Southeast Asia.

US becomes OYO’s biggest market

According to the IPO filing, OYO’s US operations generated a Gross Booking Value (GBV) of Rs 12,022.5 crore during the first nine months of FY26.

This accounted for 52.4 per cent of the company’s global GBV, making the US its largest market by a considerable margin.

Meanwhile, India’s contribution has steadily declined from nearly 30 per cent a few years ago to below 12 per cent, reflecting OYO’s increasing international footprint.

Global expansion drives growth

OYO has accelerated its international expansion through acquisitions and brand growth across multiple regions.

In Europe, the company has strengthened its presence through brands including Belvilla, DanCenter and CheckMyGuest, expanding its vacation rental and hospitality offerings.

The company has also grown its operations across the Middle East and Southeast Asia as part of its broader international strategy.

Strategic acquisitions strengthen overseas presence

Over the past few years, OYO has completed several acquisitions to expand its global operations.

The company acquired G6 Hospitality to strengthen its presence in North America. It also acquired Amsterdam-based Leisure Group, significantly expanding its footprint in Europe’s holiday home and vacation rental segment.

These acquisitions have helped diversify OYO’s revenue sources while reducing its dependence on the Indian market.

IPO plans move ahead

OYO’s parent company, Prism Hotels and Resorts, has filed its updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India.

The proposed IPO comprises a fresh issue of equity shares worth up to Rs 6,650 crore, with no Offer for Sale (OFS) by existing shareholders.

The company may also undertake a pre-IPO placement of up to Rs 1,330 crore before filing the final Red Herring Prospectus (RHP).

Conclusion

OYO’s latest IPO filing reflects the company’s successful transition into a global hospitality business, with overseas markets now driving most of its growth. As it prepares for its public listing, the company continues to focus on expanding its international presence while strengthening its position in key global markets.