Ankit Gupta, the India chief executive officer, and Mandar Vaidya, the head of Oyo’s Europe business have stepped down from their positions and quit the company ahead of a planned public listing.

Before holding the position of CEO, India, Ankit Gupta was the CEO of the franchise and frontier business at Oyo while Ankit Vaidya was the CEO of South East Asia and Middle East before heading the Europe operations.

Oyo confirmed that both of them had already stepped down from their roles in March, this year. "We are proud of their achievements at Oyo and are thankful for their leadership. Both roles were already transitioned six months ago to Varun Jain, COO India, and, Gautam Swaroop, CEO, Oyo Vacation Homes, respectively," an Oyo spokesperson commented. 

In July, Oyo informed its employees that the company had got an adjusted operating profit, also known as earnings before interest, tax, depreciation, and amortization (EBITDA), of Rs 175 crore in the first quarter of the current financial year. This represents a 25-fold increase when compared to the Rs 7 crore adjusted EBITDA reported a year ago, as disclosed in an amendment to its IPO filing with the market regulator.

During the meeting, founder Ritesh Agarwal had also said the quarter-one performance made it an “exciting” start to the year.  "If you annualise this outcome, it sets us up for Rs 700 crore adjusted Ebitda this financial year, though, in all likelihood, and we will achieve or probably surpass our previously stated target of Rs 800 crore. The quarter-one adjusted Ebitda of Rs 175 crore is nearly the same as what we achieved in quarter four last year, which is seasonally the strongest quarter," he had added.