Oyo India CEO, Ankit Gupta and Europe Head, Mandar Vaidya quit ahead of IPO
1 min read 07 Sep 2023, 09:50 AM ISTOyo witnesses exit of India CEO and Europe head ahead of public listing, adding to list of departing executives.
PremiumAhead of its public listing, Oyo witnessed the exit of its India CEO, Ankit Gupta and Europe head, Mandar Vaidya. The recent exit has increased the list of top executives who have left the hospitality and travel tech startup in last one year.
In June, Oyo's CTO Ankit Mathuria had quit his job. Before that, the company also underwent a reshuffling of its top executive officers. Many of them were asked to take up more roles internally.
Oyo India CEO, Ankit Gupta had joined the unicorn in 2019 and was appointed in the post only a year ago. Before managing its India operations, Ankit was the CEO of the Franchie and Frontier business of another company. Mandar Vaidya had joined the company in 2019. Before handling the company's Europe business, Vaidya was the CXO of South East Asia and Middle East.
The company, led by Ritesh Agarwal, had filed for public listing in October 2021. The hospitality and travel tech startup aimed to raise around $1.6 billion at a $12 billion valuation. At that time, the plan was postponed and the target was further reduced to $600 million for a November listing.
In February this year, OYO had reshuffled its top executives and also burdened many of them with additional internal roles.
Company's top executives like then Oyo's COO and head of product, Abhinav Sinham, then Global Chief Merchant Officer, Anuj Tejpal, and Chief Service Officer Shreerang Godbole were also asked to take on additional responsibilities.
The company was established in 2015. Things changed for the startup after its valuation increased to $10 billion in June 2019. The valuation increased after Oyo purchased its own shares from Sequouia and Lightspeed Venture Partners. After the purchase, CEO Ritesh Agarwal's share in the company increased to 33%. In September 2021, the company had rasied $5 million in a series of funding round from Microsoft.
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