India: Two senior figures at Indian hospitality unicorn Oyo have left the company before its proposed November IPO.
Ankit Gupta, CEO for India and Mandar Vaidya, the head of Oyo’s European operations, both moved on earlier this year, reportedly to start their own ventures. An Oyo spokesperson said that Varun Jain, as COO of Oyo India, and Gautam Swaroop, as CEO of Oyo Vacation Homes, have taken over the roles left by Gupta and Vaidya.
Following an announcement of cashflow profitability in July this year, Oyo’s proposed IPO is expected to take place around the Indian festival of Diwali, which falls on November 12. The company had earlier planned its initial public offering at $1.1 billion, but this has been reduced to between around $400 and $600 million
Some of its key investors include investors include Lightspeed, Softbank and Peak XV (Formerly Sequoia India). In May, Chinese hospitality company H World Group sold one-fifth of its holding of Oyo to UAE-based family offices and institutional investors for around $9 million.
Rating agency Moody’s said it expects Oyo to generate between $50 million and $55 million in EBITDA this fiscal year.
