Hospitality and real estate company OYO has announced the promotion of Rakesh Kumar to the position of Chief Financial Officer (CFO). Currently serving as Deputy Chief Financial Officer, Rakesh has been instrumental in steering the company’s financial stability during the challenges posed by the COVID-19 pandemic over the last six years. In his new role, Rakesh will continue to lead key financial functions, including business finance for all markets, Treasury, Controllership, Shared Services, financial and investor reporting, Taxation, and Financial Planning & Analysis.
Rakesh Kumar’s tenure at OYO has seen him actively contribute beyond the finance function, playing pivotal roles in business partnerships and overseeing acquisitions, including those of European organizations Direct Booker and Bornholmske Feriehuse. Before joining OYO, he held positions at EY, where his expertise spanned statutory audits, tax audits, IFRS compliance, and IPO-related work across various industries.
Abhishek Gupta, the current CFO, will transition into an advisory and mentorship capacity at OYO. Additionally, Ankit Tandon, Global Chief Business Officer and CEO SEAME, will take on responsibilities for Investor Relations, M&A, and FP&A.
Ritesh Agarwal, Founder & CEO of OYO, expressed confidence in Rakesh Kumar’s ability to lead the Finance function during a crucial time in the company’s journey toward financial stability. The promotion follows OYO’s recent successful buyback of a portion of its Term Loan B, amounting to Rs 1620 crore, which garnered positive feedback from global credit rating agencies Fitch and Moody’s.
