Two senior executives at Oyo have left the budget-hospitality startup, mere months earlier than the corporate plans to record.
Ankit Gupta, who joined the unicorn startup in 2019 and served as its India chief government, and Mandar Vaidya, who led the startup’s European enterprise, have left the agency. In an announcement, an Oyo spokesperson mentioned the executives departed six months in the past.
Their departures come at a time when Oyo — backed by SoftBank, Lightspeed and Peak XV — has delayed its itemizing plans a number of instances — factoring within the ongoing market circumstances — and is at the moment slated to go forward with it later this yr.
Oyo initially filed paperworks to go public in October 2021, when it was in search of to lift as a lot as $1.6 billion from the itemizing at a valuation of about $12 billion. It has since postponed the plans and pared down the goal increase to about $600 million in an inventory at the moment slated for November.
The executives departure is the most recent in a collection of not-so-favorable developments for Oyo, which was as soon as valued at $10 billion. SoftBank, the biggest investor in Oyo, final yr marked down the worth of its holding within the startup, giving it a valuation of $2.7 billion.
Indian outlet The Arc first reported concerning the departures.
Oyo has raised $3.23 billion in fairness (major + secondary) and debt funding rounds through the years, in line with perception platform Tracxn.
An Oyo spokesperson mentioned in an announcement Wednesday that Varun Jain, as COO of Oyo India, and Gautam Swaroop, as CEO of Oyo Trip Properties, have took over the roles left by Gupta and Vaidya.