The company said Kumar, who has spent over 40 years in the financial sector, will play a key role in advising Oyo’s management on short-term and long-term strategy, regulatory and stakeholder engagement, and enhancing the brand of the company globally.
Kumar had joined the bank as a probationary officer in 1980 and retired as a chairman in October 2020. He is currently on the boards of HSBC Asia Pacific, L&T infotech, Hero Motocorp and BharatPe.
Ritesh Agarwal, founder and chairman, OYO said he is a veteran in the financial services sector. “It is great to have him work closely with our board and the management. His leadership lessons and professionalism are an inspiration. 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 Mr. Kumar steer us on our mission.”
“Technology innovations are exciting for both Mr. Kumar and us at Oyo. His experience of digitization and technology-led initiatives for the customers is critical for us as we make a difference to our stakeholders’ lives,” he added.
Commenting on his appointment Kumar said: “Ritesh, a first-generation entrepreneur, and his team, have created a unique technology platform to make Oyo a household name in the travel sector. I have always been excited about the startups which are bringing a revolutionary change in the Indian economy. Looking forward to working closely with Ritesh and his team in creating value for all stakeholders. ”
Earlier, Oyo had announced that Dr. Deepa Malik had joined the board of directors of the company as an independent director.