Oyo Shuffles Management Ahead of IPO Re-Filing
Sources familiar with the matter told FE that Oyo, the hotel and hospitality chain, has undergone a management restructuring in preparation for re-filing its draft red herring prospectus (DRHP) with the capital markets regulator for its initial public offering (IPO).
According to insiders, the majority of employees who have been with the company for over six years will now be handed the role of chief product and technology officer, as the product and technology units merge. This includes Abhinav Sinha, the current global COO and product division leader, who will replace Ankit Mathuria as CTO when he departs the startup in June.
In addition, Anuj Tejpal, Oyo’s global chief merchant officer, will take on the responsibilities of the India merchant teams. Meanwhile, Shreerang Godbole, the recently promoted chief service officer, will take on additional responsibilities for the data science division, and Gautam Swaroop, currently CEO-International, will take over Oyo’s wedding organising arm, Weddingz.
Oyo expects to report adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 182 crore for the second half of the current fiscal year. This will be the first year since its inception in 2013 that the company will report profitability on the basis of adjusted EBITDA. Oyo’s adjusted EBITDA for the full year is expected to be Rs 245 crore. The company revealed this at a recent town hall meeting of employees.
Oyo’s revenues for the current fiscal year are expected to grow by 19% to Rs 5,708 crore, thanks to cost cuts, improvements in operational efficiency, and expansion of its hotels business, among other factors. The travel-tech startup was due to file its DRHP with the Securities and Exchange Board of India by mid-February, but has yet to provide an update on the progress. Oyo did not respond to FE’s queries by the time of going to press on Friday.
OYO is a worldwide platform that offers full-stack technology to empower entrepreneurs and small businesses in the hospitality industry. It provides affordable and reliable accommodation options that guests can book instantly, while also increasing earnings and streamlining operations for hosts.
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