Rajnish Kumar, who has given above 40 years in the financial division, will play a pivotal role in guiding the Oyo administration on short-term and long-term strategies, regulatory and stakeholder engagement and improving the company’s brand worldwide, the company announced in a statement.
“We are delighted to welcome Kumar as strategic group advisor. He is a veteran in the financial services sector, and his leadership lessons and professionalism are an inspiration. His experience of digitisation and technology-led initiatives for the customers is critical for us as we make a difference to our stakeholders’ lives,” OYO Founder and chairman Ritesh Agarwal stated.
Rajnish would also guide and counsel the management on matters around business performance as well as corporate governance; BharatPe responded in a statement. An industry expert, Kumar was the SBI chairman from October 2017 to October 2020. He has also worked as the managing director, and the managing director (Compliance and Risk) of SBI.
Oyo Hotels and Homes, the parent group of hospitality firm Oyo has recently filed its first draft papers to raise $1.2 billion (Rs 8,430 crore) by an initial public offering (IPO) on the Indian Stock Exchanges. It might be planning to go further smoothly with a proper strategy; hence appointed Kumar.
As reported by NextBigBrand, first founder Ritesh Agarwal will not be offloading any stake in the IPO. He holds around 34 percent stake in the firm.
The corporation has offered to use the net proceeds from the new issue towards funding prepayment or repayment, in part, of some borrowings availed by several subsidiaries. It will also use the fund for organic and inorganic growth drives besides managing the funds for general corporate objectives.
Entirety, Rajnish is currently on the boards of HSBC Asia Pacific, L&T infotech, Hero Motocorp and BharatPe.