Embassy Group’s Olive to tap new markets through ongoing expansion

Olive, the co-living and hospitality wing of the Embassy group, has plans to expand its portfolio considerably over the next decade. The company aims to reach a target of 1 lakh keys in the next 10 years, and has short term goals of increasing this capacity to 4,500 keys consisting of 9,000 beds in the next 12 months, co-founder and chief executive Kahraman Yigit told DH. 

Its current portfolio consists of 3,842 beds and 1,921 keys, which are spread across 45 locations in Mumbai, Goa and Bengaluru, which has the highest number of Olive properties. The company is also looking to tap new markets like Hyderabad and Pune, and will explore cities in Delhi NCR, Gujarat and possibly international destinations in the future. These new properties will also consist of  premium resorts and luxury stays in all major leisure destinations in the country, Yigit said. Olive currently has 6,634 keys in the pipeline, with many properties in various stages of completion. 

Earlier this week, the company had forayed into the hybrid hospitality segment after launching four distinctive brands: Olive Life, Olive Zip, Olive Hotels, and Select Olive, each of which cater to customers ranging from affluent travelers to budget conscious students and young professionals

The company is also launching its first purpose built hotel which will encompass  hotels, coliving, coworking spaces, members' clubs, wellness facilities, and dining options, in a single location for both short and long term stays. The first property will open in ITP, Whitefield in December, with plans to tap several other cities.

“At present, our annual top-line revenue ranges from Rs 50-60 crore, with a projected revenue of approximately Rs 135 crore based on secured or signed business in the pipeline. Our target is to achieve Rs 500 crore of turnover across our portfolio with the launch of new and signed projects in the upcoming pipeline,” Yigit said. The turnover target for the next five years is Rs 3,000 crore and Olive is likely to reach profitability by June of next year, he added.