SUMMARY
Kumar will be the CFO with effect from January 1, 2024
In his new role, Kumar will continue to drive financial strategy and operational efficiency of the company
The announcement comes on the heels of OYO's buyback of a portion of its Term Loan B (TLB), totalling INR 1,620 Cr
Hospitality chain OYO, operated by Oravel Stays Pvt Ltd, has elevated deputy chief financial officer Rakesh Kumar to the position of chief financial officer to drive its finance and operational growth.
Currently, Kumar oversees critical financial functions, including business finance for all markets, treasury, controllership, shared services, financial and investor reporting, taxation and financial planning and analysis.
The announcement comes on the heels of OYO’s buyback of a portion of its Term Loan B (TLB), totalling INR 1,620 Cr.
Over the years, Kumar’s contributions have expanded beyond the finance function. He has taken on various business partnering roles and has led
the transition of acquisitions within OYO including the two European organisations, Direct Booker and Bornholmske Feriehuse, the company said in a statement on Tuesday (December 12).
Prior joining to OYO, Rakesh worked with EY, contributing to various services, including statutory audits, tax audits, IFRS compliance and IPO-related work. His experience spans across startups, travel, hospitality, and media.
Additionally, OYO also added that Ankit Tandon, global chief business officer and CEO SEAME (South East Asia and Middle East), will take on additional responsibilities, overseeing investor relations, mergers and acquisitions, as well as financial planning and analysis functions.
“My journey with OYO has been marked by unique opportunities as well as interesting challenges. I appreciate the trust placed in me to navigate these complexities…,” said Kumar.
It is pertinent to note that Inc42 had earlier reported that OYO is betting big on onboarding and providing booking for premium hotels along with setting up its properties.
In September, OYO was on track to report its first ever profitable quarter in Q2 of the financial year 2023-24 (FY24), according to its founder and CEO Ritesh Agarwal.
In an internal mail sent to the leadership team of the startup, Agarwal claimed OYO will mark its “maiden profitable quarter” with a projected profit of INR 16 Cr in July-September 2023.
The startup reported a 34% decrease in its net loss to INR 1,286.5 Cr in FY23 from INR 1,941.5 Cr, as expenses declined marginally despite growth in business.
Earlier this year, OYO reduced its IPO size to $400-$600 Mn from $1.2 Bn earlier and filed its DRHP with the Securities and Exchange Board of India (SEBI) through the confidential pre-filing route.
