Travel and hospitality technology platform Oyo announced on Monday that it has completed the acquisition of Europe-based Direct Booker, with the transaction valued at around US$5.5 million (around Rs.40 billion) by the latter. rated. Direct Booker has over 3,200 homes and has so far served 20 lakh customers, Oyo said in a statement.
This acquisition will strengthen Oyo’s presence in Europe in general and in Croatia in particular, where it already has almost 1,800 holiday homes on its Belvilla platform and over 7,000 houses on its Dream Apartments platform, it added. Direct Booker’s inventory will be available on Belvilla.com (Belvilla by Oyo) and over time on its other platforms, the company said.
Commenting on the acquisition, Ankit Tandon, Oyo’s Global Chief Business Officer, said that residential remains a key strategic segment for Oyo and its cutting-edge technologies, distribution systems and data science will enhance the value of Direct Booker’s current 3,200 residential units and foster collective growth in Europe.
“We remain focused on penetrating deep into Europe and providing our customers with the best holiday experiences,” added Tandon, who led the acquisition. Oyo had recently stated its intention to actively seek tuck-in acquisitions, particularly in the European market as a strategic growth lever. It already has a strong presence in the Netherlands, Denmark, Belgium, Germany and Austria.
Nino Dubretic, CEO and Co-Founder of Direct Booker, said: “We strongly believe that by bringing together our technologies and expertise, this partnership will have a positive impact on the Croatian tourism economy and further drive demand through Oyo’s existing platforms across Europe Being part of the Oyo network will also increase the visibility of the properties listed on the Direct Booker platform, particularly in Scandinavia, the Benelux and surrounding countries, Dubretic added.
https://gadgets360.com/apps/news/oyo-direct-booker-acquisition-completed-rs-40-crore-2958550 Oyo says it has acquired a US$5.5 million Europe-based direct booker