Rahul Chaudhary steps down as Treebo co-founder, to stay on company board

"I have been incredibly fortunate to build Treebo with @sidtreebo @kaddyiitr, two of my closest friends and two of the best founders I know: mission-first, customer-obsessed & relentless. I have grown so much as a person because of their partnership," he added.

In an interaction with Moneycontrol earlier this year, co-founder Siddharth Gupta had spoken about how the business was coming back on track in March.

However, soon after that, the second wave struck, jolting the hospitality segment to the next level.

Chaudhary did not share the reason behind his exit. He did not immediately respond to calls.

Treebo counts Matrix Partners, Elevation Capital, and Bertelsmann India as investors.

Treebo which had been fighting a battle with online travel agency (OTA) MakeMyTrip also got a boost from a Competition Commission of India (CCI) directive that allowed Treebo and its rival FabHotels to relist their properties on the OTA in March.

The country's largest OTA had de-listed the two hospitality startups in 2018 following an agreement with Softbank-backed Oyo.

Unlike larger rival Oyo, Treebo had started off with a full-stack model wherein it would sell all the rooms of a hotel on its platform. Oyo, on the other hand, has always experimented with multiple models, including select inventory, minimum guarantee and franchisee, among others. The hospitality firm recently raised $7 million from some angel investors and existing backers.

Other co-founders to have left the companies include names like Pankaj Chaddah who left Zomato in 2018 to start his own mental wellness startup Mindhouse.

Two co-founders of logistics firm Delhivery, Mohit Tandon and Bhavesh Manglani, also left the company in March this year- less than a year before Delhivery is expected to file for a public offering.