scorecardresearch
Ahead of its IPO, OYO appoints Paralympics medalist Deepa Malik as an independent director

Ahead of its IPO, OYO appoints Paralympics medalist Deepa Malik as an independent director

Deepa Malik is currently the president of the Paralympic Committee of India.

2016 Paralympics silver medalist Deepa Malik (Image: Rajwant Singh Rawat) 2016 Paralympics silver medalist Deepa Malik (Image: Rajwant Singh Rawat)

Hospitality unicorn, OYO has appointed Deepa Malik, an Indian athlete and a silver-medalist at the 2016 Paralympic Games, as an independent director on the company’s board of directors as on 26th September 2021. Dr. Malik is currently the president of the Paralympic Committee of India (PCI).

This comes at a time when the company is planning to raise Rs 8,430 crore ($1.2 billion) on the stock exchanges after having filed its Draft Red Herring Prospectus with the SEBI.  

Ritesh Agarwal, Chairman, Founder & Group CEO, OYO, while welcoming Malik to the company board, said that having a diverse board is one of the best ways to inculcate lateral thinking in the company.

“We are delighted to welcome Dr. Malik to OYO’s board of directors. We have been working on making our company and the board more inclusive over the last couple of years. Dr. Malik’s experience and her passion for travel and adventure would be invaluable for OYO for years to come,” Agarwal said.

Malik joins the board of OYO that has three other independent directors and one nominee director, besides Ritesh Agarwal being the chairman. The other independent directors at the reconstituted board include Bejul Somaia, W Steve Albrecht, and Troy Alstead.

Somaia is a partner at Lightspeed India Partners, Albrecht is a certified internal auditor and certified fraud examiner, while Alstead is the former COO at Starbucks. The board also includes Aditya Ghosh, former Director at InterGlobe Group (IndiGo), as a Non-Executive Nominee Director.

 “It is an honor for me to join OYO’s board of directors and I look forward to working with Ritesh, the leadership team, and my fellow board members,” Malik said in a statement.  

Ritesh Agarwal, RA Hospitality Holdings, and SoftBank Vision Fund are the largest shareholders at OYO.

Also read: Zo Rooms to seek interim injunction to prevent OYO from proceeding with $1.2 billion IPO

Also read: OYO IPO: Zostel moves SEBI; OYO calls it 'unnecessary and repetitive' efforts