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OYO’s India CEO Ankit Gupta and Mandar Vaidya, Europe head, have resigned from the company.
Ankit Gupta joined OYO in 2019. He was appointed as the India CEO about a year before quitting in March this year. Before heading India operations, he was CEO of the franchise and frontier business at the Gurugram-based company.
Mandar Vaidya joined OYO in 2019. Vaidya took charge of Europe operations in April 2021. He was also the CXO of South East Asia and the Middle East.
The company has appointed Varun Jain as COO of India and Gautam Swaroop as CEO of OYO Vacation Homes.
“Ankit Gupta and Mandar Vaidya moved on from their roles 6 months ago in March 2023. We are proud of their achievements at OYO and are thankful for their leadership. Both roles were already transitioned 6 months ago to Varun Jain, as COO India, and, Gautam Swaroop, as CEO OYO Vacation Homes, respectively,” said the company in its statement.
Before joining OYO in 2019, both Gupta and Vaidya had worked with McKinsey, a management consulting firm.
In June, the company’s CTO Ankit Mathuria quit the company.
The company continues to be cash flow positive in FY24 with current cash on the balance sheet pegged at more than ₹2,600 crore.
In a town hall in March this year, Agarwal said the company ended the fourth quarter with a surplus cash flow of about ₹90 crore.
“Our Q1 adjusted Ebidta of ₹175 crore makes it an exciting start to the year. If you annualise this outcome, it sets us up for ₹700 crore adjusted Ebitda this financial year, though, in all likelihood, and we will achieve or probably surpass our previously stated target of ₹800 crore. The Q1 adjusted Ebidta of ₹175 crore is nearly same as what we achieved in Q4 last year, which is seasonally the strongest quarter,” he said.
It has added over 1,000 hotels and 3,500 homes to its network in the June ended quarter of FY24.
OYO in March refiled its Draft Red Herring Prospectus (DRHP) with SEBI, using the new pre-filing route. The issue size for the company’s public listing was reduced by almost half to between $400-600 billion, all of which will be raised through a primary issuance.
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