OYO appoints McKinsey executive as CEO of SE Asia, Middle East
Gurugram-headquartered OYO Hotels and Homes has appointed Mandar Vaidya as the chief executive officer (CEO) for Southeast Asia and the Middle East.
Vaidya joins OYO from research and consulting firm McKinsey where he was a partner of health services practice in India and hospitals practice in Asia. An alumnus of Jamnalal Bajaj Institute of Management Studies, Vaidya will be responsible for driving growth in markets like Indonesia, Malaysia, the Philippines, Vietnam, UAE and the kingdom of Saudi Arabia, an official statement said.
The appointment comes at a time when the company has been evaluating going public over the next two-three years and has been looking at global expansion.
OYO recently announced the elevation of Gaurav Ajmera as the chief operating officer of India and South Asia.
OYO had started operations in Southeast Asia with its entry into Malaysia and is present in over 125 cities in the region. It had previously announced an investment of $200 million in India and Southeast Asia market operations for the calendar year 2019.
OYO’s middle east operations started with the launch in UAE in 2018 where it has over 160 hotels and homes listed with the brand, followed by a presence in Saudi Arabia across 5,800 rooms and 110 buildings.
“In a short span of six years, OYO has established itself as the world’s fastest-growing chain of hotels, homes and living spaces while being the preferred choice of millions of customers and asset owners. I am keen to work with the best minds in the industry to drive value for every stakeholder as we come together to create something exciting,” Vaidya said in a statement.
OYO has been in the process of creating different entities to house its India, international and technology business and licensing agreements, according to recent reports.
The company expanded its business to China in June 2018 and claims to be the second-largest hotel chain in the country.
Founder Ritesh Aggarwal recently increased his stake in the company through RA Holdings based in the Cayman Islands through a share buyback from early investors Sequoia Capital and Lightspeed Venture Partners.