Oyo India and Europe heads depart months earlier than a possible IPO

Heads of Indian hospitality unicorn Oyo’s India and Europe enterprise have left the corporate. In keeping with an official assertion, Ankit Gupta and Mandar Vaidya, who led India and Europe enterprise respectively, departed almost six months in the past. This comes at a time when Oyo is taking a look at an imminent public market debut, that too at a time when startup IPOs aren’t actually going the best way one would have anticipated.

Each Gupta — who joined in 2019 and Vaidya had been long-serving executives at Oyo.

Amid a few of key Oyo traders embrace Lightspeed, Softbank and Peak XV (Previously Sequoia India). The corporate has had IPO plans for some years now, with a number of delays owing to market circumstances. Whereas the corporate had initially deliberate for a large $1.2Bn IPO, valuing it at $12Bn, it has since considerably lowered that ask to nearly half — $600Mn.

On a optimistic, the corporate did report cashflow profitability as not too long ago as July this 12 months, stating a possible public market debut in November this 12 months.

An Oyo spokesperson stated in a press release Wednesday that Varun Jain, as COO of Oyo India, and Gautam Swaroop, as CEO of Oyo Trip Houses, have took over the roles left by Gupta and Vaidya.