SoftBank Sumer Juneja to Join Oyo Board

Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank Vision Fund, will join the board of the unicorn company OYO, which is about to go public, as a non-executive director.

According to material seen by PTI, the nomination is contingent upon the consent of shareholders to be sought at an Extraordinary General Meeting (EGM).

Travel technology company OYO's founder, Ritesh Agarwal, recently posted on the microblogging website X, formerly known as Twitter, stating that the company's fiscal year 2023–24 was its first profitable one, with net earnings of around Rs 100 crore.

Juneja's nomination follows the resignation of SoftBank's prior choice for OYO's board, Munish Varma, in September 2021.

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The founder of OYO, Ritesh Agarwal, Bejul Somaia of Lightspeed Venture Partners, Aditya Ghosh, a former Indigo executive and co-founder of Akasa Air, Dr. Deepa Malik, a paralympian, Troy Alstead, a former COO of Starbucks, and W Steve Albrecht, a former president of the American Accounting Association, are among the current board members.

After joining SoftBank in 2018 to help the company launch its local investing footprint in India, Sumer Juneja's position was expanded to include managing investment efforts throughout EMEA. Juneja was a Partner at Norwest Venture Partners before joining SoftBank, where she concentrated on venture and growth equity investments in Indian businesses operating in a range of industries.

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