As a board member, he is 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.
Ghosh said he was looking forward to create a truly global brand from India. “The opportunity is all this and more, as we aim to set new standards of corporate governance and build a sustainable business at scale, with a clear path to profitability. I am, therefore, excited and keen to play a larger role and harness my experience in helping a public company operate well and ascribe to high standards of sustainable growth,” he added in a statement.
Kapoor, who joined as CEO of New Real Estate Businesses about a year ago, has been overseeing the growth of Oyo Life — the company’s long-term rental housing portfolio and other new real estate businesses in India. In his new role, Kapoor will look at operations of over 18,000 hotels across over 500 cities in India.
“Given the impressive performance of the hotels’ business in India and South Asia, I do have some big shoes to fill. I will do my best and Aditya (Ghosh) has promised to be my guiding light in the process,” Kapoor said in a statement.
Oyo has recently undergone large-scale corporate restructuring, setting up several subsidiaries and bifurcating operations globally.
Founder Agarwal has moved from executive director to a non-executive director in Oyo’s India operation to allow him to take up a more active role in the global operations of Oravel Stays Singapore.
“It is our ultimate holding entity for all our global operations. My deeper engagement in the global business is a natural progression, given our continued growth over the last couple of years and the opportunities in the US, Europe, China, and Southeast Asia,” he had recently told Business Standard.
In October this year, Oyo Hotels & Homes said it was raising $1.5 billion from founder Agarwal and investors led by SoftBank Group.