Oyo, an India-based hotel startup backed by SoftBank, revealed a dramatic six-fold rise in losses during its 2019 fiscal year, according to Reuters.
The company's internal projections reportedly suggested it would be at least two years before it could make a profit in India and China, and three years before it would be able break into the UK and US markets.
SoftBank has played a part in the company's billions of dollars of fundraising, pushing its valuation up to $10 billion. Oyo rapidly expanded into China, the United States, the United Kingdom and other markets. Amid that expansion, Oyo's operating expenses have risen exponentially. The company reported a net loss of 23.85 billion rupees ($333 million) in the fiscal year ending in March, up from the net loss of 3.6 billion ($50.3 million) for the year prior.
The company was not available for comment.