Oyo is realigning the management before the IPO

Hotel and hospitality chain Oyo has undergone a management realignment as it prepares to resubmit its draft red herring prospectus (DRHP) to the capital markets regulator for its IPO, people aware of the developments told FE.

Most of those who have been with the company for over six years, such as Abhinav Sinha, who is currently global COO and has also led the product division, will now hand over the role of chief product and technology officer as the two entities merge. He will replace current CTO Ankit Mathuria, who will leave the startup in June.

Similarly, Anuj Tejpal, Global Chief Merchant Officer, will also be given responsibility for the merchant teams in India. Tejpal has been with Oyo for over 10 years.

Shreerang Godbole, who joined Oyo in 2014 and was recently promoted to the role of Chief Service Officer, was given additional responsibility for the Data Science department.

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Gautam Swaroop, who is currently CEO of International, will also take over Weddingz, Oyo’s wedding organization arm, a person cited above said.

Oyo had not responded to inquiries from FE as of Friday’s press time.

The startup expects its adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) to come in at Rs 182 crore for the second half of the current fiscal year. As the company had reported adjusted Ebitda of Rs 63 crore for the first half, FY23 would be the first year since its inception in 2013 that it would report profitability on an adjusted Ebitda basis. For the full year, Oyo Adjusted Ebitda is expected to be Rs 245 crore. The company recently announced this at a public meeting.

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Oyo’s FY23 revenue is expected to rise 19% to Rs.5,708 crore, driven by cost cutting, operational efficiency improvements and hotel business expansion, among others. The travel tech startup was due to submit its DRHP to the Securities and Exchange Board of India by mid-February, but has yet to update on progress.