SBI’s former chairperson Rajnish Kumar joins OYO’s board ahead of IPO

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SBI’s former chairperson Rajnish Kumar joins OYO’s board ahead of IPO
BCCL
  • Rajnish Kumar, who has over four decades of experience in Indian banking, will mentor OYO’s long and short-term strategy.
  • He is currently on the boards of HSBC Asia Pacific, L&T infotech, Hero Motocorp and BharatPe.
  • OYO filed the preliminary paperwork for its $1.2 billion IPO in October 2021.
Hotel and hospitality firm OYO — which is expected to go for an initial public offering (IPO) soon — has appointed State Bank of India’s (SBI) former chairperson Rajnish Kumar as its strategic group advisor.

Kumar will play a key role in advising OYO’s management on short-term and long-term strategy, regulatory and stakeholder engagement as well as enhancing the company’s brand globally.

“As we look to empower our hotel and home partners, or patrons, as we call them, through technology, and enable our global network of customers to book and stay in affordable and trusted accommodations through a seamless digital experience; we are fortunate to have Kumar steer us on our mission,” Ritesh Agarwal, OYO’s founder and chairperson, said.

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Previously, OYO had appointed Deepa Malik as an independent director.

Rajnish Kumar brings in over four decades of experience in the Indian banking industry. He had been associated with SBI for 40 years, where he has also worked with SBI UK and Canada.

He was appointed as the chairperson of India’s largest lender in 2017 and had retired last year.

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During his tenure, SBI focused on its digital transformation with the introduction of the “You Only Need One” or YONO platform. It is an automated digital banking platform, which enables users to access a range of finance and other services including online shopping, ticketing and more.

He was also in charge of managing the bailout of Yes Bank, which needed ₹10,000 crore to ₹12,000 crore to meet the regulatory requirements and grow the banks further.

He is currently on the boards of HSBC Asia Pacific, L&T infotech, Hero Motocorp and BharatPe.

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SoftBank-backed OYO has filed the draft red herring prospectus (DRHP) to raise ₹8,430 crore or about $1.2 billion via its IPO. The Gurugram-based startup aims to raise ₹7,000 crore or about $942 million through the sale of new shares.

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