Sumer Juneja has been officially appointed as a non-executive director by Oyo, a significant hospitality company. The development occurred one month after he was appointed as an additional director of the firm, where he represents SoftBank.
Juneja has been appointed as a non-executive director by the board of Oyo, according to the firm’s regulatory filing, which was obtained from the Registrar of Companies (RoC).
Juneja serves as the managing director of EMEA & India at SoftBank’s investment advisors. He serves on the boards of numerous companies, including Lenskart, Swiggy, Eruditus, and Unacademy, on behalf of SoftBank.
Juneja was a partner at Norwest Venture and a member of the Goldman Sachs Asia special situations division before joining SoftBank.
The company, which is on the brink of an IPO, recently completed its $175 million Series G round, which was led by Patient Capital, an entity that is managed by Ritesh Agarwal of Oyo in Singapore. The post-money valuation of the company is $2.4 billion.
Oyo’s valuation has decreased by 70% from its peak valuation of $9.6 billion in August 2021, when the company raised $5 million from Microsoft.
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The hospitality company achieved a business turnaround in FY24 by generating an operating revenue of Rs 5,389 crore and generating a profit of Rs 230 crore. In FY23, the organization experienced a loss of Rs 1,286 crore.
Oyo recently announced that it will resubmit the IPO papers following the completion of a substantial funding round. In May, it revoked its draft papers (DRHP) for the second time due to unfavorable conditions.
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