Oyo Founder’s Salary Is Rs 1.53 Lakh/Day! Salary Increased By 250% To Rs 5.6 Crore
The leading hospitality chain company OYO Rooms has recently filed new financial documents, its latest draft red herring prospectus (DRHP) with the markets regulator SEBI.
As per the updated documents, the company’s Founder and Chief Executive Officer Ritesh Agarwal’s compensation in the preceding financial year 2021-22 shot up by 250% to Rs 5.6 crore.
The company’s updated papers also show that its total employee stock option compensation or ESOPs skyrocketed 323% to Rs 647 crore in the fiscal year under focus compared to the previous year.
Some Highlights From OYO Rooms’ Recent Filing With SEBI
- Founder and CEO Ritesh Agarwal’s salary in the financial year 2021-22 shot up a whopping 250% to Rs 5.6 crore, compared to a compensation of Rs 1.6 crore during the fiscal year ended March 2021.
- In the financial year ending March 2020, the founder and CEO of the Softbank backed hospitality chain company stood at Rs 21.5 lakh.
- The company’s updated DRHP showed that it pared the employees’ salary and bonus expenses majorly.
- However, the annual remuneration of the CEO jumped to Rs 5.6 crore in the last fiscal year.
- The total ESOP cost for the company rallied 344% on a yearly basis to Rs 680 crore in the fiscal year (FY22) from the year ago period at Rs 153 crore.
- The company plans to revive its stock-market debut after undertaking significant cost cuts, and thanks to a revival in the post-Covid environment, travel has surged and it has helped the travel-tech company recoup its losses.
- The company is of the view that it could plan for a public issue early next year.
Last year in October, the hotel chain company Oyo Rooms had filed its DRHP with the markets regulator Sebi for raising Rs 8,430 crore through a public issue or initial public offering (IPO).