Ankit Gupta, the chief executive officer (CEO) of OYO India, has quit the company ahead of a planned public listing, the the hospitality and travel tech firm said, according to news reports. Along with Gupta, Mandar Vaidya, OYO’s Europe head, has also left resigned. "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," a spokesperson for OYO told Moneycontrol.
According to the report, Gupta had joined the start-up in 2019 and was the India CEO only for about a year before quitting in March this year. Before heading India operations, Gupta was CEO of the Franchise and Frontier business at the Gurugram-based company. Vaidya also had joined Oyo in 2019 and before he began leading Europe operations from April 2021, he was the CXO of South East Asia and Middle East.
Both Gupta and Vaidya had worked with McKinsey, the management consulting firm, before joining OYO in 2019. The company said, "Both roles were already transitioned six months ago to Varun Jain, as COO India, and, Gautam Swaroop, as CEO OYO Vacation Homes, respectively.”
In June this year, OYO’s CTO Ankit Mathuria had also quit. Gupta and Vaidya now join a list of top executives who have exited the firm.
The company clocked an adjusted EBITDA of Rs 175 crore in the first quarter of the current financial year ended June, CEO Ritesh Agarwal told employees in a townhall in July last week. OYO had an EBITDA of nearly Rs 7 crore in the same quarter last fiscal, therefore it has witnessed a 25 times jump year-on-year.
In March 2023, OYO refiled its Draft Red Herring Prospectus (DRHP) with the stock market regulator SEBI under the recently introduced pre-filing route. OYO's last submission to SEBI, in November 2022, was of its updated financial results for the first half of financial year 2022-23.