OYO’s parent company, Oravel Stays, has officially rebranded as Prism, marking a strategic transformation as the hospitality giant prepares for its highly anticipated Initial Public Offering (IPO). The rebranding was announced on September 7, 2025, with the new corporate identity selected from over 6,000 global submissions, signalling a shift from a budget accommodation provider to a diversified global travel-tech and hospitality platform.
OYO’s Evolution: From Budget Pioneer to Global Tech Platform
Founded in 2012 by Ritesh Agarwal, OYO began as a budget hotel aggregator in India before scaling into a global travel-tech and hospitality group operating across 35+ countries with over 100 million customers served. The company has evolved far beyond its budget hotel origins, now encompassing premium hospitality brands, vacation homes, extended stays, co-working spaces, and celebration venues. OYO’s current portfolio includes over 22,700 hotels globally, spanning brands like Motel 6, Studio 6 (through 2023’s G6 Hospitality acquisition), Townhouse, Sunday, Palette, Belvilla, DanCenter, Innov8, and Weddingz.in.
Behind the Prism Rebranding: Strategic Architecture for IPO Readiness
“The transition to PRISM marks the establishment of a future-ready corporate architecture designed to align our expanding portfolio with our long-term vision,” said Ritesh Agarwal, Founder & Group CEO. “PRISM is powered by a strong technology engine, deeper investment in data science and AI, and a commitment to helping our partners grow profitably while delighting customers worldwide.” The OYO brand will continue as the consumer-facing identity for budget and midscale travel, while Prism serves as the umbrella parent company uniting the diversified ecosystem spanning technology solutions, premium hospitality, extended-stay residences, celebration venues, and luxury getaways.
Financial Turnaround: From Losses to Record Profitability
The rebranding comes at a pivotal moment as OYO has demonstrated remarkable financial recovery. The company posted its first-ever annual profit of ₹229 crore in FY24, a dramatic turnaround from ₹1,286 crore losses in FY23. For FY25, OYO has emerged as India’s most profitable startup with an unaudited PAT of ₹623 crore – a 172% increase from FY24. The company’s adjusted EBITDA grew to ₹1,132 crore in FY25, marking its tenth consecutive quarter of EBITDA-level profitability.
IPO Plans: Third Time’s the Charm with November 2025 Filing
OYO is preparing to file its Draft Red Herring Prospectus (DRHP) with SEBI in November 2025, targeting a valuation of $7-8 billion. This marks the company’s third IPO attempt after withdrawing applications in 2021 (originally seeking ₹8,430 crore at $11-12 billion valuation) and May 2024 (withdrawn for $450 million loan refinancing through dollar bonds). The company has engaged a consortium of investment banks, including Axis Capital, Citi, Goldman Sachs, ICICI Securities, JM Financial, and Jefferies, to manage the offering, with the IPO expected to launch in early 2026 if approved.
Market Context and Competitive Positioning
At the targeted $7-8 billion valuation, OYO would trade at approximately 25-30x EBITDA multiples. The timing leverages strong hospitality sector momentum, with domestic travel demand up nearly 18% year-on-year in Q1 FY26. OYO’s revenue from operations stood at ₹5,389 crore in FY24, while expanding hotel inventory from 12,938 properties in FY23 to 18,103 in FY24. The company’s technology-driven approach includes AI-powered partner tools, revenue optimisation platforms, and data science capabilities that differentiate it from traditional hospitality players like Indian Hotels or Lemon Tree.
Strategic Expansion and Future Outlook
The Prism identity reflects OYO’s evolution beyond accommodation into a comprehensive hospitality technology ecosystem. Recent expansion includes launching over 30 Sunday Hotels across India, UAE, Saudi Arabia, and Southeast Asia, while the platform now spans approximately 22,700 hotels, 119,900 homes, and 91,300 listings globally. Partner testimonials highlight the transformation, with Ramu Nayudu of SV Hotels Group crediting his expansion “from a single property to 18 hotels” over seven years of partnership with OYO.
The successful IPO would validate OYO’s transformation from a budget aggregator to a global hospitality technology leader, positioning Prism as the umbrella brand for continued expansion into new markets and categories while maintaining the strong OYO consumer identity in the budget travel segment.
