According to people familiar with the developments, hotel and hospitality chain Oyo has restructured its management as it prepares to re-file its draught red herring prospectus (DRHP) with the capital markets regulator for its IPO. Most employees who have been with the company for more than six years, such as Abhinav Sinha, who is currently the global COO and also leads the product division, will be promoted to chief product and technology officer as the two units merge. He will take over for current CTO Ankit Mathuria, who is leaving the company in June.
Similarly, Anuj Tejpal, global chief merchant officer, will be in charge of the India merchant teams. Tejpal has worked for Oyo for over ten years. Shreerang Godbole, who joined Oyo in 2014 and was recently promoted to chief service officer, has been assigned additional responsibility for the data science division. According to one of the people cited above, Gautam Swaroop, who is currently CEO-International, will also take over Weddingz, Oyo’s wedding planning arm. Oyo had not responded to FE’s questions as of the time of publication on Friday.
The startup anticipates adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of Rs 182 crore for the second half of the current fiscal. Since the company reported an adjusted Ebitda of Rs 63 crore in the first half, FY23 will be the first year since its inception in 2013 that it will report profitability on an adjusted Ebitda basis. Oyo’s adjusted Ebitda for the full year is expected to be Rs 245 crore. The company made the announcement at a recent employee town hall meeting.
Oyo’s revenues are expected to increase by 19% to Rs 5,708 crore in FY23, owing to cost cuts, improved operational efficiencies, and the expansion of its hotel business, among other things. The travel-tech startup was supposed to file its DRHP with the Securities and Exchange Board of India by the middle of February, but has yet to provide an update.
OYO is a global platform that provides full stack technology that increases earnings and simplifies operations for entrepreneurs and small businesses with hotels and homes. Providing affordable and dependable lodging that guests can book instantly.
OYO Rooms is an abbreviation for On Your Own Rooms. It is India’s largest hotel network, with 199 locations. Its headquarters are in Gurugram, Haryana. OYO Hotels & Homes was founded and is led by Ritesh Agarwal.
Ritesh travelled across India at the age of 17 and stayed in over 100 bed and breakfasts, guest houses, and hotels before realising there was a severe lack of affordable and high-quality budget hotels.
