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Oyo India CEO Ankit Gupta, and Mandar Vaidya, the head of Oyo Europe, have officially bid farewell to the unicorn.
A company spokesperson confirmed to Tech in Asia that Gupta and Vaidya concluded their roles approximately six months ago. Oyo India COO Varun Jain and Oyo Vacation Homes CEO Gautam Swaroop have taken on Gupta’s and Vaidya’s responsibilities, respectively.
According to a source familiar with the matter, Gupta is starting his own startup.
The moves come as Oyo is preparing for its IPO this year. The hotel chain had intended to go public in late 2021, but this plan was thwarted when India’s stock market regulator asked the firm to update its listing documents.
This time around, the company reportedly aims to raise US$1 billion at a valuation of US$2.7 billion – a stark contrast to its once sky-high valuation of US$10 billion.
The spokesperson said that the IPO is on track and will be launched when board members and investors feel that macroeconomic conditions are perfect for it.
“We are on track for profitability, and while funds were a challenge during Covid-19, they are not anymore,” said the spokesperson.
Editing by Putra Muskita and Dhania Putri Sarahtika
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