Indian price range hotel booking startup Oyo will invest 300 million euros ($335 million) in its getaway residence rental small business, it mentioned Wednesday, as it appears to expand its footprint in Europe and possibly closely compete with international giant Airbnb, a single of its investors.
The Gurgaon-primarily based startup, which acquired Amsterdam-primarily based vacation rental enterprise Leisure in Might this year and rebranded it to Oyo Holiday Residences, mentioned it aims to turn Oyo Holiday Residences into the location for “top-notch” vacation knowledge and the companion of selection for home owners.
The new capital will go into “strengthening the relationship with homeowners and enabling them with the resources required to deliver chic hospitality experiences,” and constructing the biggest getaway rental management service small business in Europe, managed below OYO House, Belvilla, Danland, and Dancenter brands.
“We are focusing on enhancing our customer proposition to not just families but new age millennials and young executives, traveling for business or leisure, including consumers from newer geographies who travel to Europe from across the world including US, Asia, China and the Middle East,” Tobias Wann, CEO of OYO Holiday Residences, mentioned in a ready statement.
OYO, which claims to be the world’s third-largest and quickest-increasing hotel chain, operates additional than 23,000 hotels and 125,000 getaway residences, with more than 1 million rooms in additional than 80 nations, the enterprise mentioned. It claimed that Oyo Holiday Residences has “doubled its growth” given that the acquisition of Leisure in Might.
@Leisure sees targeted traffic and small business from some 2.8 million travelers annually from across 118 nations. Its European footprint covers some 115,000 residences, and some 300,000 rooms globally. Europe’s getaway rental marketplace will be worth some $18.6 billion this year, according to estimates, increasing at among 4 and eight % annually.
Oyo, which is increasingly expanding its small business and not too long ago entered the co-functioning spaces, not too long ago mentioned it will invest $300 million in expanding its footprint in the U.S.
The announcement now comes weeks right after Ritesh Agarwal, the founder and CEO of Oyo, raised his stake in the startup with $2 billion buyback. The move was hugely praised by regional entrepreneurs in the nation.