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Travel & Leisure

SoftBank's Oyo projects losses in India and China until 2022

Red ink expected through 2023 for other units of hotel booking startup

Losses at Oyo emerge as SoftBank struggles to raise funding for a second investment fund. (Photo by Akira Kodaka) 

BENGALURU (Reuters) -- SoftBank-backed Oyo Hotels and Homes' internal projections showed it may not make a profit in India and China until 2022, even as the India-based hotel chain revealed a six-fold rise in losses during fiscal year 2019.

The losses highlight rapid expansion by Oyo into China, the United States, the United Kingdom and other markets, which has made the six-year-old startup one of the world's biggest hospitality brands by room count.

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