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Travel tech major Oyo on Thursday announced that Ankit Gupta, currently the CEO of its Hotels and Homes vertical, will now be heading its India business as CEO.
The company said it is elevating Rohit Kapoor to a global role as the company’s marketing head, from his current position of CEO – India & Southeast Asia. The company also announced that its Global Chief Business Officer, Ankit Tandon, will take on the additional responsibility of Southeast Asia with specific focus on Indonesia and the Middle East region as its CEO.
All the three leaders will report to the Founder & Group CEO, Ritesh Agarwal. The changes have happened even as the company is yet to get a nod for its IPO from capital markets regulator, even after six months of filing the DRHP.
Oyo had filed preliminary documents for a Rs 8,430 crore initial public offering (IPO). The offering was to consist of a fresh issue of shares of up to Rs 7,000 crore and an offer-for-sale of as much as Rs 1,430 crore.
Meanwhile, the SoftBank- and Sequoia-backed company is considering slashing its IPO valuation by half or even shelving the debut, according to a Bloomberg report.
The company said that Kapoor will focus on lifting the brand persona of Oyo to a more aspirational consumer-tech brand and increase its affinity to strategically important customer cohorts such as family and leisure travellers and corporate customers, while strengthening the value proposition for Oyo core audience base of SMB guests and millennials. He will also focus on introducing the Oyo brand to its European vacation homes business where the company currently uses multiple brands across the various north European countries it operates in.
Ritesh Agarwal, Founder and Group CEO of Oyo, said: “Rohit has proven to be a tremendous asset for Oyo. He has consistently demonstrated his acumen of rejuvenating and transforming every business that he has led for the company. We will be banking on him to uplift brand and marketing through his exceptional first-principles approach and his deep understanding of Oyo as a business operator.”
“Ankit Gupta has played an instrumental role in growing Oyo’s business such as Oyo Townhouse, our flagship mid-market brand which customers love. I am confident he will catalyse Oyo’s India region growth and take it to new heights,” he added.
Rohit Kapoor, Ankit Tandon and Ankit Gupta will take on their new responsibilities effective April 1, 2022.
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