IPO-Bound OYO Elevates Rakesh Kumar To CFO Role

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. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

IPO-Bound OYO Elevates Rakesh Kumar To CFO Role-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

IPO-Bound OYO Elevates Rakesh Kumar To CFO Role-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

IPO-Bound OYO Elevates Rakesh Kumar To CFO Role-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

IPO-Bound OYO Elevates Rakesh Kumar To CFO Role-Inc42 Media
IPO-Bound OYO Elevates Rakesh Kumar To CFO Role-Inc42 Media
You’re in Good company