Ahead of the Initial Public Offer (IPO), global hospitality technology major OYO India CEO Ankit Gupta and its Europe head Mandar Vaidya have resigned the company.
Ankit Gupta had joined unicorn in 2019 and was the India CEO only for a year before quitting in March 2023. Before taking charge of the company's India operations, Gupta had held the position of CEO for the Franchise and Frontier business at the Gurugram-based company. Similarly, Vaidya had joined Oyo in 2019 and had transitioned to lead Europe operations from April 2021, following his tenure as the CXO for South East Asia and Middle East.
This development comes with OYO's submission of its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) through a newly introduced pre-filing procedure. Reportedly, the company is seeking to secure $1 billion in funding, valuing itself at $2.7 billion. This valuation represents a significant decline from its previous valuation of $10 billion, a downturn attributed to the global decline in technology stocks.
As per sources, Gupta is kicking off his own startup and amid the transition, is mentoring a senior OYO executive to take on his role in the country. Gupta's departure from OYO has reportedly been amicable, aligning with the company's new strategic direction for future growth. "Ankit Gupta and Mandar Vaidya moved on from their roles six months ago in March 2023. We are proud of their achievements at OYO and are thankful for their leadership. Both roles were already transitioned six months ago to Varun Jain, as COO India, and, Gautam Swaroop, as CEO OYO Vacation Homes, respectively," a company spokesperson told IANS on Wednesday.
(With inputs from agency)