Ritesh Agarwal, the founder and Chief Executive Officer of Softbank-backed-OYO, earned Rs 5.6 crore in compensation in the past fiscal year, up 250 percent from the previous year, according to the company’s filing with market regulator SEBI on Monday.
Global hospitality services platform OYO has filed new financial documents with the previously submitted draft prospectus on red herring to the market regulator Securities and Exchange Board of India, and is now planning a public issuance early next year.
In that regulatory filing, details revealed that the company has significantly reduced employee salary and bonus costs, according to the company’s latest regulatory filing.
But the CEO’s compensation rose to Rs 5.6 crore in the latest fiscal year, FY22, from Rs 1.6 crore in the previous year. His salary was Rs 21.5 lakh for fiscal year 2020.
The filing also showed that the cost of the stock option (ESOP) for the company increased by 344 percent from Rs 153 crore in FY21 to Rs 680 crore in FY22, even as the company significantly reduced payroll and bonus costs.
Despite the significant increase in ESOP costs, OYO’s personnel costs rose by only 7 percent, while wages and bonuses fell 27 percent.