OYO India and South Asia CEO Aditya Ghosh elevated to Board of Directors.
Welcome to the Club: Hospitality platform OYO Hotels & Homes has elevated its India and South Asia CEO as a member of its board of directors.
Ghosh will join OYO Founder & Group CEO Ritesh Agarwal, Baja Corporation Founder & CEO Betsy Atkins and other industry experts like Munish Varma, Bejul Somaia and Mohit Bhatnagar, among others, on the company's board.
In his new role, Ghosh will focus on five key areas namely, safety and security, customer experience, corporate governance, revenue management and stakeholder communications. Rohit Kapoor, currently CEO of the new real estate businesses of the company will succeed Ghosh. ET Tech
A filing with the Ministry of Corporate Affairs last week revealed that OYO is not expected to be profitable until 2022. An unaudited filing showed OYO report a net loss of INR23.85bn in the fiscal year which ended 2019 vs a loss of INR3.6bn a year earlier.
Meanwhile, in November, OYO announced that it has invested heavily into Southeast Asia with the launch of 250 branded hotels in Thailand as well as an investment of c. $300m in Indonesia. However, its lofty ambitions face stiff competition from three Singapore-based start-ups, RedDoorz, ZEN Rooms and Zuzu Hospitality Solutions - all of whom follow the same business model that was pioneered by OYO. However, the question remains...will OYO trade on profitability as to competes in Southeast Asia. Livemint
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