The hotel giant led by Ritesh Aggarwal OYO has appointed Sumer Juneja as a non-executive director to its board of directors.
The decision was confirmed shortly after Juneja was appointed as an additional director, representing Soft bankThe appointment follows a resolution passed by the company’s board, as detailed in a regulatory document filed with the Registrar of Companies (RoC).
Sumer Juneja’s experience and role at SoftBank
Sumer Juneja brings a wealth of experience to Oyo, having served as Managing Director for EMEA and India at SoftBank’s investment advisory. He plays a key role in SoftBank’s investments in several high-profile companies including Lenskart, Swiggy, Eruditus and Unacademy.
Prior to his tenure at SoftBank, Juneja was a Partner at Norwest Venture and also worked in Goldman Sachs Asia’s special situations group, gaining significant experience in corporate structuring and governance.
OYO’s financial recovery
Juneja’s appointment comes at a crucial time for Oyo as the company prepares for an initial public offering (IPO).
Recently, OYO raised $175 million in a Series G funding round, led by Patient Capital, an entity managed by founder Ritesh Agarwal.
The round valued the hotel giant at $2.4 billion, which is a significant decrease from its peak valuation of $9.6 billion in August 2021, when Microsoft invested 5 million dollars.
Despite the fall in valuation, OYO has demonstrated a strong business recovery, reporting a profit of Rs 229 crore in fiscal year 2024with operating income reaching Rs 5,389 crore, representing a marked improvement from the loss of Rs 1,286 crore recorded in the previous fiscal year.
OYO’s strategic focus on operational control
As OYO prepares to refile its IPO documents, the company is focusing on improving control over its operations, particularly in the budget hotel segment. Oyo is actively managing key services such as laundry and room service to ensure consistent quality across its properties.
Additionally, the company has expanded into the luxury accommodation market with the launch of the ‘Sunday’ brand, which currently operates hotels in Jaipur, Chandigarh and Ahmedabad.
The Sunday Hotel brand is a joint venture between Oyo’s parent company and its largest investor, SoftBank, with plans to open 25 properties in India by the end of fiscal 2025.
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