OYO's head of marketing Rohit Kapoor has quit the company following four years, according to three people with knowledge of the specifics. "Kapoor has already quit OYO and is currently serving his notice," said one of the sources who requested anonymity. "He's probably to be released from his duties at OYO in August."
This is a huge loss for OYO as a leader. Kapoor was promoted to worldwide chief marketing officer at the beginning of March this year, replacing Chief Executive Officer (Southeast Asia and India). He has been employed by the company based in Gurugram for 44 months. He then was appointed to OYO as the CEO of its rental business (India).
In the wake of Kapoor's appointment, OYO also said that its chief business officer worldwide, Ankit Tandon, will assume the responsibility for Southeast Asia with a specific concentration on Indonesia as well as the Middle East region as its CEO. Ankit Gupta, CEO of the Hotels and Homes vertical, was also promoted to CEO (India).
Swiggy Startup News
According to reports, Kapoor is in advanced discussions to join Swiggy in a higher position. "Kapoor is expected to join the food tech unicorn, assuming there is no change at the very last minute," said another source who requested anonymity because the talks are confidential.
The queries we addressed for Rohit Kapoor OYO, along with Swiggy, did not receive a prompt response. We'll revise the blog in the event they respond. Kapoor's resignation comes when OYO has seen a revival of its business following 18-24 months of slow growth caused by the pandemic. OYO had reported more than five times the growth rate in May and added over 1,250 corporate customers during the three months (March-May in the current year).
Before that, the company had several resignations from senior management in the second quarter of 2020. Gaurav Ajmera, the global Director of revenue management, and Burhanuddin Pithawala, the global Director of growth and marketing, quit the company in September. Mohit Bhatnagar, Sequoia Capital's Managing Director, has also resigned from the OYO board of directors to assume the role of an observer within the company's board in October 2020. Harshit Vyas, OYO India COO, resigned from the company in the past. The online marketplace has recently hired Vyas for Pepper Content as a chief business officer (CBO).
OYO has been planning to launch an IPO for quite many years. However, OYO's IPO plan is expected to come to fruition in the final quarter of the calendar year. In October of 2021, the company submitted the draft prospectus red herring (DRHP) to SEBI to raise an amount of Rs 8,430 crore.
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