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Olive Hospitality's Revenue Jumps 76% to ₹51 Cr in FY24

This image is a promotional banner for Olive, featuring a stylized graphic design. The banner includes an illustration of a bellhop pushing a luggage cart loaded with two oversized bags of money, emphasizing the company's revenue growth. The background is divided into bold sections of yellow and magenta, creating a vibrant contrast. On the right side of the image, there's the Olive logo, which includes a stylized sun motif in purple, adding to the brand's identity. The overall design is playful and colorful, highlighting Olive's prosperity in the hospitality industry.
By
Anurag Trivedi

Backed by Embassy Group, Olive, a startup specializing in hospitality management, announced a significant revenue boost of 76% to Rs 51 crore in the last fiscal year, driven by an uptick in demand for both short and long-term accommodations.

Olive currently oversees 55 properties, including co-living centers and hotels, distributed across Bengaluru, Mumbai, and Goa, accounting for a total of 2,688 keys. The company's offerings are segmented across four brands: Olive Life, Olive Zip, Olive Hotel, and Villa Olive, which span from budget-friendly accommodations to luxurious resorts and villas.

"Olive's properties are uniquely positioned to serve both short-term and long-term guests, providing the comfort of home with the flexibility of hotel amenities," explained Kahraman Yigit, co-founder and CEO of Olive. He noted that the company's revenue rose from Rs 29 crore in the prior year to Rs 51 crore in the current fiscal year, propelled by an expansion in their property portfolio and increased room revenue.

Highlighting the resurgence in demand for premium accommodations suitable for both brief visits and extended stays, Yigit also remarked on the post-pandemic rebound of the co-living and hospitality sectors. Olive's diverse portfolio includes 25 properties under Olive Hotels catering to upscale travelers with 1,402 keys, 9 properties under Olive Life targeted at students and professionals with 431 keys, 20 budget properties under Olive Zip with 839 keys, and a single luxury property, Villa by Olive, featuring 16 keys.

Looking ahead, Yigit shared plans for expansion across all brands into new markets and potential fundraising initiatives to facilitate this growth.

Olive, founded in 2019, recently expanded its leadership by naming Dhruv Kalro as a co-founder. Embassy Group holds a majority 70% stake in Olive, with the balance shared among the other co-founders. In addition to Olive, the group sponsors India’s first publicly listed Real Estate Investment Trust (REIT) and operates the co-working brand WeWork India.