- PRISM appointed former SEBI chairman Ajay Tyagi as an independent director.
- The company confidentially filed for an IPO in India in December.
- The move is meant to strengthen governance ahead of the IPO.
PRISM APPOINTED FORMER Securities and Exchange Board of India Chairman Ajay Tyagi as an independent director. The move aims to strengthen the board and governance as the company prepares to access public markets.
Tyagi joins a board with experience in governance, consumer businesses, technology, and strategic investments, PRISM said in a statement. The company confidentially filed for an initial public offering in India in December, following shareholder approval to raise up to $742.04 million through a fresh share issue.
“Ajay ji brings depth in capital-markets regulation, governance and public-institution stewardship and his experience will be invaluable as PRISM strives to scale while strengthening governance standards and long-term accountability,” said Ritesh Agarwal, PRISM founder and group CEO.
Agarwal also chairs G6 Hospitality, the parent of Motel 6 and Studio 6.
The PRISM board includes independent directors William Steve Albrecht, Dr. Jay H Price/Arthur Andersen endowed professor of accountancy at Utah State University; Troy Matthew Alstead, former CFO and group president of Starbucks Corp.; Deepa Malik, Padma Shri awardee; Bejul Somaia, partner at Lightspeed Venture Partners; Sumer Juneja, nonexecutive nominee director and managing partner at SoftBank Investment Advisers and Aditya Ghosh, nonexecutive nominee director and co-founder of Akasa Air.
PRISM also launched Belvilla, a European short-term rental and apart-hotel brand, in the U.S. after acquiring 10 properties through the Sonder bankruptcy. The company reported a profit after tax of $27 million, with revenue rising about 20 percent year-on-year to $690 million in fiscal 2025.
