Oyo has today announced some major rejigs at the top management level of the company. The company announced elevation of current Chief Executive Officer (CEO) Aditya Ghosh to the board. This promotion for Aditya Ghosh comes exactly a year after he joined the company.
To takeover his role, Oyo announced the appointment of Rohit Kapoor as the company’s new CEO. Rohit headed its new real estate business since December 2018 as the chief executive. He will now look at operations of over 18,000 hotels across over 500 cities in India.
Prior to joining Oyo, Rohit Kapoor was executive director and a member on the board of Max Healthcare, which is a joint venture between Max India and Life Healthcare in South Africa.
On the other hand, Aditya Ghosh, as a board member, will be joining Oyo founder and group chief executive Ritesh Agarwal, Betsy Atkins, founder and CEO of Baja Corporation; Munish Varma, managing partner, SoftBank Vision Fund; Bejul Somaia, partner at Lightspeed India Partners Advisors; Mohit Bhatnagar, managing director, Sequoia Capital India Advisors.
This change in leadership at Oyo comes at a time when the company has reported a massive loss for the financial year ended March 2019. The startup’s losses ballooned more than six-fold to ₹2,384.69 crore in 2018-19. However, revenue also jumped more than four-fold during the period. The company’s revenue climbed to ₹6,457 crore in 2018-19 from ₹1,413 crore a year ago, as per the company’s filings with the Registrar of Companies (RoC).