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Hospitality technology platform OYO has elevated Rakesh Kumar to the position of chief financial officer (CFO) with effect from January 1, 2024.

Abhishek Gupta, the current CFO, will continue with OYO in an advisory and mentorship capacity, OYO said in a statement.

Kumar, who is currently working as deputy chief financial officer, in his new role as the CFO, will continue driving financial strategy and operational efficiency, the company said.

He has been overseeing financial functions, including business finance for all markets, treasury, controllership, shared services, financial and investor reporting, taxation, and financial planning and analysis, it added.

In his last six years at OYO, Kumar has played a pivotal role in the company’s financial stability during the COVID-19 pandemic. His leadership facilitated successful equity and debt raises and strategic acquisitions.

“Rakesh’s elevation to the role of CFO is a crucial milestone in our pursuit of financial stability. His leadership comes at a time when we continue to implement measures to enhance profitability and fortify our financial foundation,” OYO Founder & CEO, Ritesh Agarwal, said.

The elevation of Kumar comes at a time when OYO successfully bought back a portion of its term loan B, totalling Rs 1,620 crore, the company said.

The company said that Ankit Tandon, Global Chief Business Officer and CEO SEAME (South East Asia and Middle East), will also head investor relations including mergers and acquisitions as well as financial planning and analysis.