HBI Staff | Hyderabad 
Olive, a hospitality management startup backed by Embassy Group, reported a 76% increase in revenue to Rs 51 crore in the last fiscal year due to growing demand for both short-term and long-term accommodations.
Currently, Olive operates 55 co-living centers and hotel properties in Bengaluru, Mumbai, and Goa, totaling 2,688 keys. The company manages four brands: Olive Life, Olive Zip, Olive Hotel, and Villa Olive, offering a range from budget stays to luxury resorts and villas.
“Each Olive property caters to both short-term and long-term stays, combining home comfort with hotel flexibility,” said Kahraman Yigit, Olive’s co-founder and CEO. The company saw a significant revenue jump from Rs 29 crore in 2022-23 to Rs 51 crore in 2023-24, driven by portfolio expansion and increased price realization per room.
Yigit emphasized the growing demand for premium living spaces for both short and long-term stays and noted the strong rebound of the co-living and hospitality sectors post-pandemic. Olive operates 25 properties with 1,402 keys under the Olive Hotels brand for affluent travelers, 9 properties with 431 keys under Olive Life for students and young professionals, 20 budget-friendly properties with 839 keys under Olive Zip, and one luxury property with 16 keys under Villa by Olive.
“We plan to expand across all our brands in new markets and are considering raising funds for this growth,” Yigit added.
Founded in 2019, Olive recently appointed Dhruv Kalro as a co-founder. Embassy Group holds a 70% stake in Olive, with the remaining held by the other co-founders. The group also sponsors India’s first publicly listed Real Estate Investment Trust (REIT) and operates the co-working firm WeWork India.
