Oyo confirmed these developments on Wednesday and said both the leaders had moved on from their roles six months ago in March this year.
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“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 said
Prior to being appointed CEO, India, Gupta was the CEO of the franchise and frontier business at Oyo. Vaidya was the CEO of South East Asia and Middle East before heading the Europe operations.
In July, Oyo told its employees that the company posted an adjusted operating profit — or earnings before interest, tax, depreciation and amortisation — of Rs 175 crore in the first quarter of the ongoing financial year.
This is a 25-fold increase compared with the Rs 7 crore adjusted Ebitda, its first, the company reported a year earlier in an addendum to its IPO filing with the market regulator.
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Oyo had previously defined adjusted Ebitda as Ebitda adjusted for transformation expenses made on assets of its hotel partners.
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.