Oyo's India CEO Ankit Gupta and Europe Head Mandar Vaidya Step Down Ahead of Planned IPO

6 Sep 2023 , 02:16 PM

Ankit Gupta, the India CEO at Oyo, and Mandar Vaidya, the company’s Europe head, have resigned from their positions, according to a statement by Oyo. Gupta joined Oyo in 2019 and served as the India CEO for approximately a year before stepping down in March 2023. Before his role as India CEO, Gupta was in charge of the Franchise and Frontier business at Oyo. Similarly, Vaidya joined Oyo in 2019 and took on the role of leading Europe operations in April 2021 after serving as the CXO of Southeast Asia and the Middle East.

A spokesperson for Oyo confirmed the departures and expressed gratitude for their leadership. Both roles were transitioned six months ago to Varun Jain, who became COO of India, and Gautam Swaroop, who assumed the position of CEO of OYO Vacation Homes.

Gupta and Vaidya join other top executives who have departed from Oyo this year, including CTO Ankit Mathuria in June. Oyo has undergone restructuring and internal changes, with several top executives taking on additional roles.

The company recently refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as it aims to go public. Oyo is reportedly seeking to raise $1 billion at a valuation of $2.7 billion, a significant decrease from its previous $10 billion valuation. These developments come amid challenges faced by Oyo and the broader tech industry, which has seen a decline in stock valuations. 

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