Rohit Kapoor quits Oyo to join Swiggy

SoftBank-backed Oyo’s global Chief Marketing Officer (CMO) Rohit Kapoor has resigned from the company and is currently serving his notice period. Kapoor was promoted to Global CMO in March this year from the position of CEO (Southeast Asia and India).

It is reportedly said that Kapoor is likely to join foodtech unicorn Swiggy in a senior position. Kapoor’s resignation comes after a 44-month stint at the hospitality unicorn. He joined the Gurugram-based startup in 2018 as Chief Executive Officer of the new real estate business.

As of December 2021, OYO has established its presence in over 10,000 cities in 35 countries with around 159,000 properties, up from its 2015 footprint in 127 cities across 1,229 outlets in India and its first international foray in Malaysia. 

Last year, the company filed its Draft Red Herring Prospectus (DRHP) to raise $1 billion at a $10 billion valuation. Its filing with the Security and Exchange Board of India (SEBI) outlined how its business suffered due to pandemic-related travel restrictions.

The Softbank-backed start-up reportedly decided to shelve the IPO till 2023 following discussions with its bankers, who pointed out that the timing for a public listing was not viable. Earlier this year, OYO recently requested permission from SEBI to update its IPO prospectus with newer financial results.