<p>New Delhi: Olive, a hospitality management startup promoted by realty firm <a href="https://www.deccanherald.com/tags/embassy-group">Embassy Group</a>, clocked 76 per cent increase in revenue to Rs 51 crore during the last fiscal year on growing demand for both short-term and long-term accommodation facilities.</p><p>At present, Olive has 55 co-living centres and hotel properties, signed and operational, in Bengaluru, Mumbai and Goa. There are 2,688 keys in these properties.</p><p>The company runs four brands — Olive Life, Olive Zip, Olive Hotel, and Villa Olive — ranging from co-living and budget stays to luxury resorts, hotels, and villas.</p><p>Each Olive property operates in both short-term and long-term stay formats while providing the comfort of the home as well as the flexibility of a hotel.</p><p>"For financial year 2022-23 we had achieved a portfolio revenue of Rs 29 crore. In 2023-24, we had a 75.86 per cent jump in revenue to Rs 51 crore," Olive co-founder and CEO Kahraman Yigit said.</p>.Embassy Group’s Olive to tap new markets through ongoing expansion.<p>He attributed the growth in revenue to expansion of portfolio as well as price realisation per room.</p><p>"Our vision is to organize & institutionalize the accommodation market in India and beyond," Yigit said.</p><p>He said the demand for premium living space is rising, both for short-term and long-term stays.</p><p>Yigit noted that the co-living as well as hospitality businesses have bounced back post Covid pandemic.</p><p>The company has 25 operational properties and 1,402 keys under Olive Hotels brand which cater to affluent travellers with a wide range of rooms and amenities.</p><p>Under brand Olive Life, which targets students and young professionals in Tier 1, 2, and 3 cities with stays of three months or more, the company has 9 properties with 431 keys.</p><p>The company has 20 properties and 839 keys under brand Olive Zip that provides budget-friendly daily stays for budget-conscious travellers in similar locations.</p><p>Under brand Villa by Olive, which offers luxurious experiences in leisure destinations, the company has 1 property and 16 keys.</p><p>"We are looking to expand in new markets across all our four brands. We are also considering raising funds for expansion," Yigit said.</p><p>In April, Olive, formed in 2019, appointed Dhruv Kalro as its co-founder.</p><p>Embassy Group owns 70 per cent stake in Olive while the other two co-founders hold the remaining stake.</p><p>The group was a sponsor of India’s first publicly listed Real Estate Investment Trust (REIT). It also runs co-working firm WeWork India.</p>
<p>New Delhi: Olive, a hospitality management startup promoted by realty firm <a href="https://www.deccanherald.com/tags/embassy-group">Embassy Group</a>, clocked 76 per cent increase in revenue to Rs 51 crore during the last fiscal year on growing demand for both short-term and long-term accommodation facilities.</p><p>At present, Olive has 55 co-living centres and hotel properties, signed and operational, in Bengaluru, Mumbai and Goa. There are 2,688 keys in these properties.</p><p>The company runs four brands — Olive Life, Olive Zip, Olive Hotel, and Villa Olive — ranging from co-living and budget stays to luxury resorts, hotels, and villas.</p><p>Each Olive property operates in both short-term and long-term stay formats while providing the comfort of the home as well as the flexibility of a hotel.</p><p>"For financial year 2022-23 we had achieved a portfolio revenue of Rs 29 crore. In 2023-24, we had a 75.86 per cent jump in revenue to Rs 51 crore," Olive co-founder and CEO Kahraman Yigit said.</p>.Embassy Group’s Olive to tap new markets through ongoing expansion.<p>He attributed the growth in revenue to expansion of portfolio as well as price realisation per room.</p><p>"Our vision is to organize & institutionalize the accommodation market in India and beyond," Yigit said.</p><p>He said the demand for premium living space is rising, both for short-term and long-term stays.</p><p>Yigit noted that the co-living as well as hospitality businesses have bounced back post Covid pandemic.</p><p>The company has 25 operational properties and 1,402 keys under Olive Hotels brand which cater to affluent travellers with a wide range of rooms and amenities.</p><p>Under brand Olive Life, which targets students and young professionals in Tier 1, 2, and 3 cities with stays of three months or more, the company has 9 properties with 431 keys.</p><p>The company has 20 properties and 839 keys under brand Olive Zip that provides budget-friendly daily stays for budget-conscious travellers in similar locations.</p><p>Under brand Villa by Olive, which offers luxurious experiences in leisure destinations, the company has 1 property and 16 keys.</p><p>"We are looking to expand in new markets across all our four brands. We are also considering raising funds for expansion," Yigit said.</p><p>In April, Olive, formed in 2019, appointed Dhruv Kalro as its co-founder.</p><p>Embassy Group owns 70 per cent stake in Olive while the other two co-founders hold the remaining stake.</p><p>The group was a sponsor of India’s first publicly listed Real Estate Investment Trust (REIT). It also runs co-working firm WeWork India.</p>