New Delhi: Olive, the hospitality management startup promoted by realty firm Embassy Group, reported 76 per cent growth in revenue to Rs 51 crore during the last financial year due to growing demand for short-term and long-term accommodation facilities.
Currently, Olive has 55 co-living centers and hotel properties in Bengaluru, Mumbai and Goa, signed up and operational. These properties have 2,688 keys.
The company runs four brands – Olive Life, Olive Zip, Olive Hotels and Villas Olive – ranging from co-living and budget stays to luxury resorts, hotels and villas.
Each Olive property operates in both short-term and long-term stay formats, offering the comfort of home as well as the flexibility of a hotel.Kahraman Yigit, co-founder and CEO of Olive, said, "For the financial year 2022-23, we had achieved a portfolio revenue of Rs 29 crore. In 2023-24, our revenue grew by 75.86 percent to Rs 51 crore."
He attributed the increase in revenue to portfolio expansion as well as price recovery per room.
“Our goal is to organize and institutionalize the housing market in India and beyond,” Yigit said.
He said the demand for premium living space for both short-term and long-term stays is increasing.Yigit said co-living as well as hospitality businesses have made a comeback after the Covid pandemic.
The company has 25 operating properties and 1,402 keys under the Olive Hotels brand, serving affluent travelers with a wide range of rooms and amenities.
Under the brand Olive Life, which targets students and young professionals in tier 1, 2 and 3 cities staying for three months or more, the company has 9 properties with 431 keys.
The company has 20 properties and 839 keys under the Olive Zip brand that offer budget-friendly day stays for budget-conscious travelers in similar locations.
Under the Villas by Olive brand, which offers luxurious experiences in vacation destinations, the company owns 1 property and 16 keys."We are looking to expand into new markets across all four of our brands. We are also looking to raise funds for expansion," Yigit said.
In April, Olive, formed in 2019, appointed Dhruv Kalro as its co-founder.
Embassy Group holds 70 percent stake in Olive while the other two co-founders hold the remaining stake.
The group was the sponsor of India's first publicly listed real estate investment trust (REIT).It also runs co-working firm WeWork India.
Currently, Olive has 55 co-living centers and hotel properties in Bengaluru, Mumbai and Goa, signed up and operational. These properties have 2,688 keys.
The company runs four brands – Olive Life, Olive Zip, Olive Hotels and Villas Olive – ranging from co-living and budget stays to luxury resorts, hotels and villas.
Each Olive property operates in both short-term and long-term stay formats, offering the comfort of home as well as the flexibility of a hotel.Kahraman Yigit, co-founder and CEO of Olive, said, "For the financial year 2022-23, we had achieved a portfolio revenue of Rs 29 crore. In 2023-24, our revenue grew by 75.86 percent to Rs 51 crore."
He attributed the increase in revenue to portfolio expansion as well as price recovery per room.
“Our goal is to organize and institutionalize the housing market in India and beyond,” Yigit said.
He said the demand for premium living space for both short-term and long-term stays is increasing.Yigit said co-living as well as hospitality businesses have made a comeback after the Covid pandemic.
The company has 25 operating properties and 1,402 keys under the Olive Hotels brand, serving affluent travelers with a wide range of rooms and amenities.
Under the brand Olive Life, which targets students and young professionals in tier 1, 2 and 3 cities staying for three months or more, the company has 9 properties with 431 keys.
The company has 20 properties and 839 keys under the Olive Zip brand that offer budget-friendly day stays for budget-conscious travelers in similar locations.
Under the Villas by Olive brand, which offers luxurious experiences in vacation destinations, the company owns 1 property and 16 keys."We are looking to expand into new markets across all four of our brands. We are also looking to raise funds for expansion," Yigit said.
In April, Olive, formed in 2019, appointed Dhruv Kalro as its co-founder.
Embassy Group holds 70 percent stake in Olive while the other two co-founders hold the remaining stake.
The group was the sponsor of India's first publicly listed real estate investment trust (REIT).It also runs co-working firm WeWork India.