Hospitality unicorn OYO which is awaiting a nod from markets regulator SEBI for its $1.2 billion IPO, has announced a management rejig. The company said that it is elevating Rohit Kapoor from his current position of OYO India, Southeast Asia CEO to a global role as the company’s marketing head. Moreover, Ankit Gupta, currently the CEO of Hotels and Homes - India, will take on the role of CEO - India.
The firm also announced that its Global Chief Business Officer, Ankit Tandon will take on the additional responsibility of Southeast Asia with specific focus on Indonesia and the Middle East region as its CEO.
All three leaders will report to the founder & Group CEO, Ritesh Agarwal, as per an official handout.
The announcement comes amidst media reports that OYO may look at the possibility of reducing its IPO size ( particularly Offer for Sale portion) mainly due to recent developments in the public market wherein newly listed Internet companies have seen their share price drastically due to concerns over profitability. An OYO spokesperson, meanwhile, described these reports as speculative in nature.
Meanwhile, the company said that in his new role, Kapoor will focus on lifting the brand persona of OYO, to a more aspirational and loved consumer-tech brand and increase its affinity to strategically important customer cohorts such as family and leisure travellers and corporate customers.
Kapoor will also focus on introducing the OYO brand to its European vacation homes business where the company currently uses multiple brands across the various north European countries it operates in, as per an official statement.
Ankit Tandon has been given charge of one of OYO’s core regions, South-East Asia which focuses on high growth markets of Indonesia and Malaysia along with other Southeast Asian and Middle East countries which he was already leading in partnership with Amit Gupta. Hence Tandon’s role will expand to CEO -SEA & ME.
The Softbank-backed firm stated that Ankit Gupta has led significant growth in OYO’s key brands, such as OYO Townhouse, over the last two years in spite of the pandemic, growing them to more than 40 per cent of OYO India’s overall hotels and homes business. In his new role, he will focus on growing OYO India’s business as the travel industry rebounds, according to a handout.
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