OYO, the hospitality technology platform, announced on Tuesday the promotion of Rakesh Kumar to the position of Chief Financial Officer (CFO), effective January 1, 2024.
In a statement, OYO conveyed that Abhishek Gupta, the present CFO, will remain engaged with the company in an advisory and mentorship role.
In his new capacity as Chief Financial Officer (CFO), Kumar, presently serving as Deputy Chief Financial Officer, will persist in steering financial strategy and enhancing operational efficiency, as stated by the company.
He has been supervising financial operations, encompassing business finance for all markets, treasury, controllership, shared services, financial and investor reporting, taxation, and financial planning and analysis, according to the statement.
Over the past six years at OYO, Kumar has been instrumental in ensuring the company’s financial stability amidst the challenges posed by the COVID-19 pandemic. Under his leadership, OYO achieved successful equity and debt raises, as well as executed strategic acquisitions.
“Rakesh’s elevation to the role of CFO is a crucial milestone in our pursuit of financial stability. His leadership comes at a time when we continue to implement measures to enhance profitability and fortify our financial foundation,” OYO Founder & CEO Ritesh Agarwal said.
Kumar’s promotion coincides with OYO’s successful repurchase of a segment of its Term Loan B (TLB), amounting to INR 1,620 crore, as per the company’s announcement.
Additionally, the company stated that Ankit Tandon, the Global Chief Business Officer and CEO of SEAME (South East Asia and Middle East), will take on the responsibilities of leading investor relations, including mergers and acquisitions, as well as overseeing financial planning and analysis functions.