OYO appoints former SBI chairman Rajnish Kumar strategic group advisor

Kumar, who retired as SBI chairman in October 2020, is currently on the boards of HSBC Asia Pacific, L&T infotech, Hero Motocorp and BharatPe

Oravel Stays Limited (Oyo) on Thursday appointed State Bank of India’s (SBI’s) former Chairman Rajnish Kumar strategic group advisor, in an attempt to strengthen its leadership ahead of its stock market debut. 

Kumar, who has spent over 40 years in the financial sector, will play a key role in advising Oyo’s management on short-term and long-term strategy, regulatory and stakeholder engagement, and enhancing the brand of the company globally, the firm said.

“Ritesh, a first-generation entrepreneur, and his team, have created a unique technology platform to make Oyo a household name in the travel sector. I have always been excited about the startups which are bringing a revolutionary change in the Indian economy. Looking forward to working closely with Ritesh and his team in creating value for all stakeholders,” Kumar said.

Kumar, who had joined SBI as a probationary officer in 1980 retired as chairman in October 2020 after 40 years at the bank. He is credited with overseeing the mega-merger of seven banks with India’s largest lender. 

YONO, SBI’s digital banking platform was also built under his guidance. He is currently on the boards of HSBC Asia Pacific, L&T Infotech, Hero MotoCorp and BharatPe.    

Ritesh Agarwal, founder & chairman, Oyo said, “We are delighted to welcome Rajnish Kumar as a strategic group advisor at Oyo. He is a veteran in the financial services sector. It is great to have him work closely with our Board and the management. His leadership lessons and professionalism are an inspiration…Technology innovations are exciting for both Kumar and us at Oyo. His experience of digitisation and technology-led initiatives for the customers is critical for us as we make a difference to our stakeholders’ lives.”

In October, shortly after it filed for an Rs 8,430-crore ($1.2-billion) initial public offering, Oyo appointed President of the Paralympic Committee of India Deepa Malik as an independent director to its Board. 

Oyo’s Board has three other independent directors and one nominee director, besides Chairman Ritesh Agarwal. The other independent directors are Bejul Somaia, partner at Lightspeed India Partners; W Steve Albrecht, a certified internal auditor and certified fraud examiner; and Troy Alstead, former chief operations officer at Starbucks.

The Board also includes Aditya Ghosh, former director at IndiGo-parent InterGlobe Group, as a non-executive nominee director.

Ritesh Agarwal, RA Hospitality Holdings and SoftBank Vision Fund are Oyo's largest shareholders.