Hospitality and travel-tech firm Oyo's founder and chief executive officer (CEO) Ritesh Agarwal's salary rose to ₹5.6 crore during the financial year ending March 2022, up about a whopping 250% from the total compensation of ₹1.6 crore during the year ended March 2021, as per the latest draft papers. In the year ending March 2020, he took ₹21.5 lakh as his annual remuneration. Meanwhile, for the three-month period ended June, 2022 (Q1), he has taken a total salary of ₹1.4 crore.
Oyo's total employee stock option compensation (Esops) surged to ₹647 crore for FY22, over 323% rise as compared to ₹153.6 crore for the year ended March 2021 and ₹40.2 crore for FY20.
Oyo on Monday filed addendum to its earlier submitted draft red herring prospectus (Drhp) to Securities and Exchange Board of India (Sebi) as the company filed fresh financial documents to revive plans for its stock-market debut after cost cuts and a recovery in travel helped it reduce losses. The numbers showed narrower losses, a rebound in sales and a positive Ebitda for the year through March 2022 and the following three months.
The hotel booking company was started in 2013 by Agarwal. The startup began to work with small hotels to standardize everything from bed linen to bathroom shower fittings. During the pandemic, Agarwal was forced to overhaul the startup’s business model and now supports hotel and vacation home partners with technology and product services, as well as customer support. Hotel owners can self-enroll, and manage bookings and services on its app.
The startup is now focusing on four main regions: India, Malaysia, Indonesia and Europe, where it manages vacation homes and has cut down operations in markets it previously considered crucial, such as the US and China, where its employees now measure in the single digits.
In October last year, Oyo had filed its Drhp to raise ₹8,430 crore through initial public offering (IPO). The company's proposed issue comprised a fresh issue of equity shares aggregating up to ₹7,000 crore and an offer for sale to the tune of ₹1,430 crore, as per the Drhp.