IPO-bound Oyo rejigs its top leadership team with five elevations
Source: Business Standard
Hospitality major Oyo has made five additions to its leadership team, with Sonal Sinha appointed as chief operating officer – international, and Rachit Srivastava taking over as chief operating officer of Oyo Vacation Homes (OVH) in Europe.
Furthermore, Shashank Jain has been elevated to head of technology and online revenue, while Pankhuri Sakhuja will head Traum-Ferienwohnungen – Oyo’s listings business in Germany, and its flex-space business Innov8. Ashish Bajpai has been elevated to head of revenue and global online travel agency (OTA).
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“As we pursue our growth objectives, agility and decisive action remain at the core of our strategy. Our leaders are continuously adapting and expanding their roles to stay ahead of evolving market dynamics and drive our business forward,” said Oyo founder and group chief executive officer Ritesh Agarwal.
In his new role, Sonal Sinha, who joined Oyo in 2015, will be responsible for overseeing Oyo’s international business operations, revenue, and spearheading strategic initiatives across the US.
Rachit Srivastava, who was earlier serving as the head of the Vacation Rentals Management Company (VRMC) business for OVH, will “continue to leverage his expertise to deliver growth and customer satisfaction across Oyo’s European vacation homes portfolio,” the company said.
Shashank Jain, who led product development for customer acquisition and retention on Oyo’s own channels, will also oversee direct revenue and marketing for all hotels and homes. With a continued focus on GenAI, Shashank will leverage technology to improve customer service and growth across markets.
Pankhuri Sakhuja, who has been managing the Oyo workspaces vertical and hotel acquisitions from the central office for some of Oyo’s overseas markets, will now also take on the role of business head for Oyo’s Germany-based vacation home listings business Traum-Ferienwohnungen, besides being formally appointed as the head of the workspaces business.
Meanwhile, former global chief operating officer and chief product officer Abhinav Sinha will be moving into an advisory role starting January 2025. Parallelly, he will explore new opportunities for his own startup venture.
Ayush Mathur, president – Oyo Europe, will also be moving on to build his own startup. His responsibilities will be taken up by Srivastava.
Oyo recently agreed to acquire G6 Hospitality, the leading economy lodging franchisor and parent company of Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million, in an all-cash transaction.
The company reported a profit after tax (PAT) of Rs 132 crore for the first quarter (Q1) of the financial year 2024-25 (FY25), up from a loss of Rs 108 crore in the year-ago period. The company expects its PAT to increase three-fold to Rs 700 crore for the full year FY25.
First Published: Oct 11 2024 | 3:45 PM IST
