Ritesh Agarwal, the Founder, and CEO of OYO, earned Rs. 5.6 crore in compensation in the last fiscal year, an increase of 250 percent from the year before, according to the firm’s filing with market regulator SEBI.
Salary Cuts
According to the regulatory filing, it showed that the company has cut the salaries of employees and bonus expenses significantly.
Apart from this, Oyo’s employee stock option (ESOP) expenses rose 344 percent from Rs 153 crore in FY21 to Rs 680 crore in FY22. During this time when the company brought down salary and bonus expenses substantially.
Despite the steep rise in ESOP costs, the hotel aggregator’s employee costs grew only by 7 percent to Rs 1,862 crore in FY22.
The reason behind this was that the expenses on account of salaries, wages, and bonuses were reduced 27 percent from Rs 1,520 crore in FY21 to Rs 1,117 crore in FY22.
Salary Increase
The company’s latest filing with SEBI also showed that Ritesh Agarwal received a remuneration of Rs 5.6 crore in FY22. This was up 250 percent from Rs 1.6 crore in FY21. Ritesh Agarwal’s compensation for FY20 was Rs 21.5 lakh.
Global hospitality services platform OYO filed new financial documents to its earlier submitted draft red herring prospectus to market regulator Securities and Exchange Board of India and now plans for a public issue early next year.
OYO Rooms (stylised as OYO), also known as OYO Hotels & Homes, is an Indian multinational hospitality chain of leased and franchised hotels, homes, and living spaces.
The company was founded in 2012 by Ritesh Agarwal, OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries, including India, Malaysia, UAE, Nepal, China, Brazil, Mexico, UK, Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, and the United States.