OYO founder Ritesh Agarwal’s salary rose eight fold in FY21: DRHP

The top paid key managerial personnel of travel technology firm OYO are its chief financial officer Abhishek Gupta, Aditya Ghosh, the non-executive nominee director, and Ritesh Agarwal, the Draft Red Herring Prospectus for its initial public offering shows.

Ghosh earned Rs 5.74 crore, Gupta was paid Rs 7.14 crore while Agarwal earned Rs 1.62 crore as salary in financial year 2021

Agarwal’s salary jumped nearly eight fold in FY21 from Rs 21.5 lakh in the previous financial year.

“Our Founder, Ritesh Agarwal was appointed as chairman pursuant to a Board resolution dated September 21, 2021. Ritesh Agarwal is also the global chief executive officer of one of our subsidiaries, OYO Singapore. The principal terms of Ritesh Agarwal’s appointment as the global chief executive officer of OYO Singapore is set out in the employment agreement dated June 27, 2019 which entitles Ritesh Agarwal to a gross annual remuneration of Rs 1,06,47,069, (Rs 1.06 crore) alongwith perquisites for subsistence such as accommodation, provision for vehicle, reimbursement for a driver, domestic help and reimbursement of business related expenses like travel, accommodation and telecommunication. Further, his annual salary was raised by an additional sum of Rs 4,45,26,000 by OYO Singapore with effect from January 1, 2021,” the DRHP explains.

In Fiscal 2021, Agarwal was been paid a remuneration of Rs 1.62 crore by OYO Singapore.

Ghosh, who was earlier the president of IndiGo Airlines, was paid Rs 5.74 crore in FY21, up from Rs 1.81 crore a year earlier.

Gupta, the chief financial officer of OYO, saw his remuneration fall to Rs 7.14 crore in FY21 from Rs 8.74 crore a year ago.

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