As the year 2025 comes to a close, OYO looks closer to check into the bourses, with its board giving the go-ahead to raise INR 6,650 Cr from the public by early 2026.

The budget hotel aggregator, which claims to be controlling over 30% of a highly fragmented market dominated by offline travel agencies and a few online players, sought to be seen through the PRISM, its new brand identity adopted this year.

It was not merely rebranding for OYO, the company transformed itself to a large extent to reflect its global aspirations. The startup restructured its business model, recalibrated its brand architecture, renewed efforts on overseas expansion, reaffirmed its governance, and rebuilt a profit engine to hedge against volatile market conditions it has been facing for years.

For a company that once symbolised the hyper-growth era of Indian unicorns, this year marked a quieter but more strategically disciplined evolution. But, is PRISM ready to hit the bustling IPO turf?

One can’t help being sceptical when a debt burden exceeding INR 7,000 Cr comes to the fore straight from its FY25 annual report. To stub out the doubts, the company has positioned itself as a multi-brand, tech-enabled global hospitality ecosystem, spanning across formats ranging from hostels and co-working spaces to resorts, boutique villas and mid-market hotels.

PRISM logged in a profit of INR 244.8 Cr in FY25, up 7% from INR 229.6 Cr posted in its first profitable year in FY24. With 12 straight quarters in the black, as its annual report claimed, a clearer revenue structure, and an increasingly mature operational footprint, PRISM appears closer than ever to going public – a move that has been deferred multiple times since 2021.

Insiders indicated that the PRISM management is planning to file the draft IPO papers with the markets regulator by the end of 2025, contingent on delivering yet another year of operational consistency.

On the other hand, it is highly likely that a significant portion of the IPO proceeds will be spent on debt repayment.

As OYO rebuilds its identity and investors re-evaluate it along the way to the IPO, it’s time to check out how the hotel aggregator evolved through the year.

A Year Of Review, Reset, And Recast

The rebranding of OYO to PRISM in 2025 was one of the most significant corporate resets in India’s tech ecosystem. Unlike earlier brand recast attempts, this was more than cosmetic. The shift reflects a strategic repositioning from a budget hotel aggregator brand to a portfolio-led umbrella brand, according to insiders.

Under PRISM, the company operates distinct verticals such as OYO, Motel6, Townhouse, Sunday, Palette, OYO Vacation Homes, and Innov8. The Ritesh Agarwal-led firm........

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