OYO's Strategic Board Move: SoftBank's Sumer Juneja Set for Nomination

Oravel Stays Ltd, the parent firm of the unicorn tech platform OYO, plans to appoint Sumer Juneja from SoftBank Vision Fund as a non-executive director. This move, subject to shareholder approval at an upcoming EGM, signifies SoftBank's confidence in OYO following its first profitable fiscal year.

Oravel Stays Ltd, the parent company of the soon-to-IPO unicorn OYO, is set to appoint Sumer Juneja as a non-executive director on its board, according to sources.

An extraordinary general meeting will be held to seek shareholders' approval for the appointment, as noted by PTI. Juneja will represent SoftBank Vision Fund on the board.

This move indicates SoftBank's renewed confidence in OYO, especially after the company reported a net profit of nearly Rs 100 crore for financial year 2023-24, as confirmed by founder Ritesh Agarwal on microblogging site X, formerly known as Twitter.

Juneja's appointment comes after Munish Varma, SoftBank's former nominee, stepped down in September 2021. The current board includes notable figures such as Ritesh Agarwal, Bejul Somaia of Lightspeed Venture Partners, and Dr. Deepa Malik, among others.

Sumer Juneja joined SoftBank in 2018 to establish its investing presence in India and later expanded his role to oversee EMEA investments. He has previously worked with Norwest Venture Partners and Goldman Sachs.