Ankit Gupta, the India CEO of hospitality technology platform Oyo, and Mandar Vaidya, the head of Oyo’s European operations, will both be moving on from the company.
“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 chief operating officer India, and Gautam Swaroop, as CEO OYO Vacation Homes, respectively,” an Oyo spokesperson said in response to Skift’s query.
Both Gupta and Vaidya are set to embark on their entrepreneurial journey with Gupta expected to announce his start-up soon, a source told Skift.
Gupta, who earlier had been the CEO of Oyo’s Hotels and Homes, was appointed India CEO last year.
This February Oyo had reshuffled its management with Abhinav Sinha taking up the role of global chief operating officer and chief product and technology officer. Sinha, who has been with Oyo since 2014, was taking over the role from chief technology officer Ankit Mathuria, who left the company in June 2023.
Oyo’s proposed IPO launch is expected to take place around the Indian festival of Diwali, which falls on November 12 this year. The company that had earlier planned its initial public offering at $1.1 billion, reduced the size of the offering to between about $400 and $600 million
In May, Chinese hospitality company H World Group sold one-fifth of its holding of Oyo to United Arab Emirates-based family offices and institutional investors for around $9 million.
Rating agency Moody’s Investors Service had said it expects Oyo to generate between about $50 million and $55 million in EBITDA this fiscal year.
With plans to support the surge in business travel, Oyo has also announced its plans to double the number of premium hotels in India in 2023.
The company entered the premium resorts and hotels category with the launch of its new brand-Palette in July. The move comes as a part of Oyo’s ongoing efforts to make its premium property portfolio more versatile.
The company had said that the Palette resorts would be located in popular leisure destinations across India, while also catering to business leisure or blended travelers looking for quick getaways and staycations.