Ankit Gupta and Mandar Vaidya, who held key positions at OYO India, have resigned from the global hospitality technology company ahead of its Initial Public Offering (IPO). Ankit Gupta, who had been with the company since 2019, served as the CEO for OYO India for a year before stepping down in March 2023. Prior to leading OYO India, Gupta held the position of CEO for the Franchise and Frontier business within the company.
Similarly, Mandar Vaidya, who also joined OYO in 2019, took charge of leading the company’s European operations in April 2021 after his tenure as the Chief Experience Officer (CXO) for South East Asia and the Middle East.
This significant development coincides with OYO’s submission of its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), using a newly introduced pre-filing procedure. The company is reportedly seeking to secure $1 billion in funding, which would value OYO at $2.7 billion. This valuation represents a notable decrease from its previous valuation of $10 billion, attributed to the global decline in technology stocks.
Ankit Gupta is set to embark on his own startup venture and, during this transition, is mentoring a senior OYO executive to assume his role in the company. Gupta’s departure from OYO appears to be amicable, aligning with the company’s new strategic direction for future growth. A spokesperson for OYO confirmed that both Gupta and Vaidya had actually transitioned from their roles six months prior, in March 2023. Their responsibilities had already been passed on to Varun Jain, who took on the role of COO India, and Gautam Swaroop, who assumed the position of CEO OYO Vacation Homes, respectively.