OYO, the hospitality unicorn, is shaking up its top leadership by promoting five executives in technology, product, strategy, operations, and distribution.
First off, Sonal Sinha has been named chief operating officer (COO) of OYO’s international business, according to the company. She joined OYO in 2015 and was previously the chief financial officer (CFO) for the international business. Sinha is considered key to OYO’s success in the US market post-pandemic.
Oyo overhauls CEO, COO of technology, product & other verticals
Additionally, Rachit Srivastava is now the COO of OYO’s vacation homes business in Europe, taking over from Ayush Mathur, who is leaving to start his own venture. Shashank Jain will lead technology and online revenue for the global business. He previously led customer acquisition and retention product development and is known for developing apps for DanCenter and Belvilla, two of OYO’s European brands.
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Another area of leadership development is a parallel appointment at the same level. Incoming from that will be Pankhuri Sakhuja, who has helped run OYO’s workspaces and its international hotel acquisitions. She’ll be leading Traum, German home listings, and Innov8, its coworking platform. The company also confirmed that its Global COO and chief product officer, Abhinav Sinha, planned to demote himself to a consulting role by January 2025, as he was starting his own startup.
Furthermore, the company has promoted Ashish Bajpai to head of revenue & global OTA. In his new role, Bajpai will focus on driving OYO’s revenue growth through both direct and indirect channels, and increasing the visibility and distribution of their hotels and homes worldwide. Commenting on the leadership changes, founder and CEO Ritesh Agarwal said, “As we pursue our growth objectives, agility and decisive action remain at the core of our strategy. Our leaders are continuously adapting and expanding their roles to stay ahead of the evolving market dynamics and drive our business forward.”
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Oyo to release IPO next year, revises DRHP with SEBI
Aiming to go public next year, OYO, after pausing its plans twice. It plans to refile its draft red herring prospectus (DRHP) with SEBI once it finishes refinancing its $660 million Term Loan B. The company became profitable in FY24 by cutting employee costs and increasing revenue, posting a net profit of INR 229.5 crore compared to a net loss of INR 1,286.5 crore the previous year.
Moving forward, OYO plans to expand its premium offerings and international presence. Last month, OYO bought G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million (around INR 4382.72 crore) in an all-cash deal. In addition, OYO’s Innov8 has entered the office management sector, similar to the business models of Awfis and Smartworks.
