- On Monday, Oyo Hotels & Homes elected Aditya Ghosh to the board of directors of the company, replacing him with an insider from the company as CEO of the hotel business in India and South Asia.
- The CEO of Oyo’s entire business in India and South Asia will now be Rohit Kapoor, who headed the new property business.
On Monday, Oyo Hotels & Homes elected Aditya Ghosh to the board of directors of the company, replacing him with an insider from the company as CEO of the hotel business in India and South Asia.
Ghosh will join Oyo’s founder and group CEO Ritesh Agarwal, Betsy Atkins, founder and CEO, Baja Corporation and Munish Varma, managing partner, SoftBank Vision Fund, Bejul Somaia, investor, Lightspeed India Partners Advisors, Mohit Bhatnagar, managing director, Sequoia Capital India Advisor, among others, said the company in a statement.
Source- livemint
Ghosh, former president of IndiGo, India’s largest airline, entered Oyo only a year ago and the company’s reshuffle comes in the midst of accelerating losses. The internal forecasts of the SoftBank-backed firm showed that it could not make a profit in India and China until 2022, even as the hotel chain based in India reported a six-fold increase in losses during the 2019 fiscal year.
Ghosh will focus on five key areas as part of his new role at the board— security and security, customer experience, corporate governance, revenue management, and stakeholder communications.
The CEO of Oyo’s entire business in India and South Asia will now be Rohit Kapoor, who headed the new property business.
“Kapoor has been overseeing the development of OYO LIFE–the long-term rental housing portfolio of the company as well as other new real estate businesses in India over the past year. Rohit’s remit will now also expand the operations of over 18,000 + hotels across 500 + cities in India SA, “the company said.
Oyo’s increasing losses come as SoftBank, its major investor, struggles to raise funding for a second investment fund, following the failed listing of WeWork’s office rental company, and in the midst of concerns about the road to the profitability of other product investments such as Uber.
Agarwal recently told Skift travel intelligence platform that the Japanese investment giant or other investors have not issued any suggestions or instructions regarding changing strategy or business practices.
The losses reflect a period of Oyo’s rapid expansion into markets like China, the United States, and the United Kingdom, making the six-year-old startup one of the biggest hotel chains in the world by room count.
