In a significant move, Sumer Juneja, Managing Partner and Head of EMEA & India Investing at SoftBank Vision Fund, is set to join the board of Oravel Stays Ltd, the parent company of OYO. This appointment is pending approval from shareholders at an upcoming Extraordinary General Meeting (EGM).
Juneja’s entry onto the board will be as a non-executive director, representing SoftBank Vision Fund. This strategic decision highlights SoftBank’s confidence in OYO’s future, especially following the company’s recent profitability. OYO reported a net profit of Rs 100 crore for the fiscal year 2023-24, a milestone announced by founder Ritesh Agarwal.
This appointment follows the exit of Munish Varma, SoftBank’s previous nominee on OYO’s board, who stepped down in September 2021. Since then, SoftBank has not had a representative on the board.
The current board of OYO comprises notable figures including founder Ritesh Agarwal, Bejul Somaia from Lightspeed Venture Partners, Aditya Ghosh (former executive at Indigo and co-founder of Akasa Air), Paralympian Dr. Deepa Malik, Troy Alstead (former COO of Starbucks), and W Steve Albrecht (former president of the American Accounting Association).
Sumer Juneja joined SoftBank in 2018, initially to establish the firm’s investment presence in India. His role later expanded to oversee investment activities across Europe, the Middle East, and Africa. Before SoftBank, Juneja was a Partner at Norwest Venture Partners, focusing on growth equity and venture investments in Indian companies across various sectors. He also played a key role at Goldman Sachs’ Asian Special Situations Group in India.