Ritesh Agarwal-led OYO appoints SoftBank’s Sumer Juneja as a Non-Executive Director

Ritesh Aggarwal-led hospitality giant OYO has appointed Sumer Juneja as a non-executive director on its board.

The decision was confirmed shortly after Juneja was inducted as an additional director, representing SoftBank. The appointment follows a resolution passed by the company's board, as detailed in a regulatory filing 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 the Managing Director for EMEA & India at SoftBank’s investment advisors. He plays a key role in SoftBank’s investments across several high-profile companies, including Lenskart, Swiggy, Eruditus, and Unacademy.

Before his tenure at SoftBank, Juneja was a partner at Norwest Venture and also worked in the Goldman Sachs Asia special situations group, gaining significant expertise in corporate structuring and governance.

OYO’s financial turnaround

The appointment of Juneja comes at a crucial time for Oyo as the company prepares for an Initial Public Offering (IPO).

Recently, OYO rised $175 million in a Series G funding round, led by Patient Capital, an entity managed by founder Ritesh Agarwal.

The round valued the hospitality giant at $2.4 billion, marking a significant decline from its peak valuation of $9.6 billion in August 2021 when Microsoft invested $5 million.

Despite the drop in valuation, OYO has demonstrated a strong business recovery, reporting a profit of Rs 229 crore in the fiscal year 2024, with operating revenues reaching Rs 5,389 crore. This is a notable improvement from the Rs 1,286 crore loss recorded in the previous fiscal year.

OYO’s strategic focus on operational control

As OYO prepares to refile its IPO papers, the company is focusing on enhancing 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 the fiscal year 2025.