Ritesh Agarwal, the Founder and Chief Executive Officer of Softbank backed-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 on Monday.
Global hospitality services platform OYO filed new financial documents to its previously submitted draft red herring prospectus to market regulator Securities and Exchange Board of India, and now plans for a public issue early next year.
In that regulatory filing, details showed the company cut employee’s salary and bonus expenses significantly, according to the firm’s latest regulatory filing.
But the CEO’s compensation jumped to Rs 5.6 crore in the last fiscal year, FY22, from Rs 1.6 crore in the year before that. His salary was Rs 21.5 lakh for the fiscal year 2020.
The filing also showed, Employee Stock Option (ESOP) costs for the company rose 344 percent from Rs 153 crore in FY21 to Rs 680 crore in FY22 even as the firm significantly reduced wages and bonus expenses.
Still, despite the significant increase in ESOP costs, OYO’s personnel expenditures only increased by 7 percent as wages and bonuses costs decreased by 27 percent.