In a significant development hospitality firm Oyo confirmed on Wednesday the resignations of Ankit Gupta, its India CEO, and Mandar Vaidya, head of Oyo's European business. The announcement comes as the company prepares for a highly anticipated public listing. Gupta and Vaidya had reportedly stepped down six months ago in March 2023. Their roles were transitioned to Varun Jain as COO India and Gautam Swaroop as CEO OYO Vacation Homes, respectively.
Gupta had joined Oyo in 2019, initially serving as CEO of the franchise and frontier business before taking over as India CEO in March 2022. Prior to joining Oyo, he led McKinsey's real estate transformation practice globally and co-led the company's Indian sales & marketing service line for over 14 years. Vaidya joined Oyo in 2019 as well and led operations in Southeast Asia and the Middle East before overseeing European operations from April 2021.
According to an OYO spokesperson, both Gupta and Vaidya left the SoftBank-backed organization to pursue entrepreneurial ambitions. The transition was described as smooth and hand-held, but further details were not provided.
This year has seen considerable restructuring at Oyo's top level. Abhinav Sinha, the Global Chief Operating Officer, assumed additional responsibilities as Chief Technology and Product Officer while Anuj Tejpal became the Chief Merchant Officer. Both have been with the organization since its early days.
The company is expected to launch its initial public offering (IPO) around Diwali this year. It had initially filed to go public in October 2021 but was delayed due to market conditions. A draft red herring prospectus (DRHP) for a potentially slimmed-down IPO was reportedly filed in March this year.
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