Top Executives of OYO exits before its IPO
By MYBRANDBOOK
Ankit Gupta, the CEO of OYO India, and Mandar Vaidya, the head of OYO Europe, have both left the travel technology business just months before it is scheduled to debut on the stock exchange.
Gupta joined the hospitality unicorn in 2019, and he served as its CEO for just over a year until resigning in March of this year. Prior to managing the company’s India operations, he was the CEO of the Franchie and Frontier business of another company.
In 2019, Mandar Vaidya joined the company. Before taking up the responsibility as head of the company's Europe business, he was the CXO of South East Asia and Middle East.
With these exits, the list of top executives exiting the company in the last one year has increased.
Oyo’s CTO, Ankit Mathuria had quit the job in June. Prior to that the company underwent a reshuffling of its top executive officers.
In October 2021, Ritesh Agarwal-led Oyo had filed for public listing. The company aimed to raise $1.6 billion at a $12 billion valuation. But during that time the plan was postponed and the target was further reduced to $600 million for a November listing.
In February this year, OYO had reshuffled its top executives and also burdened many of them with additional internal roles.
Company's top executives like then Oyo's COO and head of product, Abhinav Sinham, then Global Chief Merchant Officer, Anuj Tejpal, and Chief Service Officer Shreerang Godbole were also asked to take on additional responsibilities.
The company was established in 2015. Things changed for the startup after its valuation increased to $10 billion in June 2019. The valuation increased after Oyo purchased its own shares from Sequouia and Lightspeed Venture Partners. After the purchase, CEO Ritesh Agarwal's share in the company increased to 33%. In September 2021, the company had rasied $5 million in a series of funding rounds from Microsoft.
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