OYO onboards former SBI Chairman Rajnish Kumar as strategic group advisor

IPO-bound hospitality unicorn Oyo has announced the addition of Rajnish Kumar, former Chairman of State Bank of India (SBI), as Strategic Group Advisor at OYO.

Rajnish, 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, OYO said in a statement.

OYO is in IPO mode, and Rajnish Kumar was at the helm of SBI when Yes Bank underwent restructuring. Kumar comes with interesting luggage of strategic experience.

Ritesh Agarwal, Founder & Chairman, OYO said,

“We are delighted to welcome Rajnish Kumar as a strategic group advisor at OYO. 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."

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He added, "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 Kumar steer us on our mission. Technology innovations are exciting for both Kumar and us at OYO. His experience of digitisation and technology led initiatives for the customers is critical for us as we make a difference to our stakeholders’ lives.”

Rajnish joined the bank as a probationary officer in 1980 and retired as a chairman in October 2020. He is credited with steering the bank through one of the most difficult periods. YONO, the digital banking platform, was built from scratch under his guidance. Rajnish is currently on the boards of HSBC Asia Pacific, L&T infotech, Hero Motocorp, and BharatPe.

Earlier, OYO announced Deepa Malik joining the board of directors of the company as an Independent Director.

Rajnish 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. ”