OYO Expands its European Footprint with Strategic Acquisition of CheckMyGuest
OYO, the Indian hospitality giant, continues its global expansion by acquiring Paris-based premium rental homes company CheckMyGuest for Rs 230 crore. |
Image: OYO
Image Courtesy: Techstory
This acquisition is part of OYO’s strategy to strengthen its presence in the European market, particularly in the premium vacation rental sector.
The move comes shortly after OYO’s successful Series G funding round, which raised Rs 1,457 crore, further solidifying its position as a major player in the global hospitality industry.
Introduction
OYO, known for its rapid global expansion, has taken a significant step to reinforce its position in Europe by acquiring CheckMyGuest, a Paris-based company specializing in premium rental homes.
This acquisition, worth Rs 230 crore, includes both cash and stock, highlighting OYO’s commitment to expanding its global footprint.
Strengthening OYO’s European Presence
With the acquisition of CheckMyGuest, OYO is not only adding to its European portfolio but also strategically positioning itself in the premium vacation rental market.
OYO already manages around 85,000 homes across Europe, with a strong presence in countries like Croatia, Germany, Denmark, Spain, and Austria.
This acquisition is expected to enhance OYO’s operations and market share in Europe, particularly in the luxury rental segment.
OYO’s Recent Funding Success
The acquisition follows OYO’s successful Series G funding round, where the company raised Rs 1,457 crore (approximately $175 million) at a valuation of $2.37 billion.
The funding was led by Ritesh Agarwal’s Singapore-based entity, Patient Capital, along with contributions from J&A Partners and ASK Financial Holdings.
This financial boost has provided OYO with the resources needed to pursue strategic acquisitions like CheckMyGuest, further fueling its global expansion.
A Strategic Move in the Global Market
This acquisition is not an isolated move; OYO has been steadily increasing its European acquisitions, with CheckMyGuest joining a growing list that includes Direct Booker, Danamica, and Leisure Group.
By integrating CheckMyGuest into its portfolio, OYO is poised to capitalize on the growing demand for vacation rentals and premium properties, further solidifying its position in the global hospitality market.
Excitement from CheckMyGuest
Image: OYO buys French PM Checkmyguest
Image Courtesy: ShortTermRentalz
Joffrey Ichbia, co-founder of CheckMyGuest, expressed his enthusiasm about the merger on LinkedIn, stating,
“It’s official! We’ve joined one of the largest hotel groups in the world! This merger is a major milestone for us and opens up incredible opportunities in terms of development, new markets, and careers.”
This statement reflects the positive outlook and potential for growth that comes with this acquisition.
Conclusion
OYO’s acquisition of CheckMyGuest marks another significant milestone in its journey to become a dominant force in the global hospitality industry.
By expanding its presence in the premium rental market in Europe, OYO is not only enhancing its portfolio but also opening up new opportunities for growth and market expansion.
As OYO continues its global journey, this acquisition is set to play a crucial role in shaping its future in the travel and hospitality sector.
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