In a major reshuffle in top management, IPO-bound Oyo has appointed Ankit Gupta CEO of Oyo’s hotels and homes vertical, as chief executive of its India business. It also promoted Rohit Kapoor to the position of company’s global marketing head, from his current position of CEO-India & Southeast Asia.

Gupta had already been heading the main business of Oyo in India – Hotels and Homes – and will now also handle Workspaces following this elevation.

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Oyo announced Ankit Tondon, global chief business officer, will now be given the additional responsibility of Southeast Asia with a specific focus on Indonesia and the Middle East region as chief executive. Rohit Kapoor, as the global CMO, will focus on improving the brand persona of Oyo and increase its affinity to strategically important customer cohorts, such as family and leisure travellers and corporate customers. He will also focus on introducing the Oyo brand to its European vacation homes business where the company currently uses multiple brands across the various north European countries where it operates.

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All three executives will report to Founder & Group CEO Ritesh Agrawal. Agarwal said: “Rohit has proven to be a tremendous asset for Oyo. He has consistently demonstrated his acumen of rejuvenating and transforming every business that he has led for the company. We will be banking on him to uplift the brand and marketing through his exceptional first-principles approach and his deep understanding of Oyo as a business operator.”

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He further said: “Ankit Gupta has played an instrumental role in growing Oyo’s business, such as Oyo Townhouse — our flagship mid-market brand which customers love. I am confident he will catalyse Oyo’s India region growth and take it to new heights.”

The changes in the top brass come at the time when the company is awaiting approval for its initial public offering (IPO) from the Securities Exchange Board of India (SEBI), even six months after filing the DRHP.

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Oyo has filed a draft prospectus for raising Rs 8,430 crore through an IPO. The offer will comprise a fresh issue of shares of up to Rs 7,000 crore and an offer-for-sale of as much as Rs 1,430 crore.

According to a Bloomberg report, the SoftBank and Sequoia-backed company is considering slashing the IPO valuation by half or even suspending the plans to given the volatility in the equity market.

Kapoor, Tandon, and Gupta will take on their new responsibilities effective from April 1, 2022.