New Delhi, Sep 6 (IANS): Global hospitality technology major OYO India CEO Ankit Gupta and Europe head Mandar Vaidya have left the company.

As per sources, Gupta is kicking off his own startup and amid the transition, is mentoring a senior OYO executive to take on his role in the country.

According to sources, his departure has been a cordial one as OYO charts a new course towards future growth.

"Ankit Gupta and Mandar Vaidya moved on from their roles six months ago in March 2023. We are proud of their achievements at OYO and are thankful for their leadership. Both roles were already transitioned six months ago to Varun Jain, as COO India, and, Gautam Swaroop, as CEO OYO Vacation Homes, respectively," a company spokesperson told IANS on Wednesday.

Gupta joined the company in 2019 and served as India CEO for about a year before leaving in March of this year. He was previously the CEO of the Gurugram-based company's Franchise and Frontier business.

Vaidya also joined OYO in 2019, and before taking over as CXO of Europe operations in April 2021, he was the CXO of South East Asia and the Middle East.

The development comes at a time when OYO has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) under a recently introduced pre-filing process.

The company is reportedly looking to raise $1 billion at a valuation of $2.7 billion, which is significantly lower than the $10 billion it once commanded but has been dragged down as tech stocks around the world continue to fall.