Hospitality unicorn OYO’s valuation has almost doubled in a year, reaching $10 billion between September 2018 and October 2019, despite significant losses in the financial year ending on March 31. The losses have reportedly mounted due to the rise in operating expenses fuelled by the company’s aggressive expansion in overseas markets.

The provisional net loss of the company jumped from Rs 360.43 crore in the previous financial year to Rs 2,384.69 crore this year, according to unaudited financials prepared by a valuation expert. “The numbers are based on a valuation report prepared by OYO’s valuers (not auditors) that includes certain provisional financials for FY 19. It may be pointed out that the valuation parameters such as share prices are based on fair market value and are not reflective of the share premium price,” an OYO spokesperson said in a statement.