Oyo Says It Has Acquired Europe-Based Direct Booker Valued at $5.5 Million

The acquisition is said to strengthen Oyo's presence in Europe broadly and Croatia specifically.

By Press Trust of India | Updated: 9 May 2022 12:52 IST

Oyo Says It Has Acquired Europe-Based Direct Booker Valued at $5.5 Million

Oyo is actively scouting for 'tuck-in' acquisitions, especially in the European market

Highlights

Oyo's acquisition of Direct Booker will increase footprint in Croatia
Direct Booker has over 3,200 homes and has serviced 20 lakh customers
Direct Booker is now valued at $5.5 million (roughly Rs. 40 crore)

Travel and hospitality technology platform Oyo on Monday said it has concluded the acquisition of Europe-based company 'Direct Booker' with the transaction valuing the latter at around $5.5 million (roughly Rs. 40 crore). Direct Booker has over 3,200 homes and serviced 20 lakh customers so far, Oyo said in a statement.

This acquisition will strengthen Oyo's presence in Europe broadly and Croatia specifically where it already has nearly 1,800 vacation homes on its Belvilla platform and over 7,000 homes on its Traum Ferienwohnungen platform, it added. The inventory of Direct Booker will be available on Belvilla.com (Belvilla by Oyo) and over time on its other platforms, the company said.

Commenting on the acquisition, Oyo Global Chief Business Officer, Ankit Tandon said, homes continue to be an important strategic segment for Oyo and its cutting edge technology, distribution systems and data sciences will add more value to Direct Booker's current 3,200 homes and enhance collective growth in Europe.

Samsung Wins Patent for a Tri-Fold Smartphone With Specialised Barrier Layer for Improved Durability

"We continue to focus on going deep in Europe and delivering the best Vacation Home experiences to our customers," added Tandon, who led the acquisition. Oyo had in the recent past declared its intent of actively scouting for 'tuck-in' acquisitions, especially in the European market as a strategic growth lever. It already has a strong footprint in the Netherlands, Denmark, Belgium, Germany and Austria.

Oyo Said to File for $1.2 Billion IPO Next Week

Direct Booker CEO & Co-Founder Nino Dubretic said, "We strongly believe that by merging our technologies and expertise, this partnership will positively impact the Croatian tourism economy, further driving demand through Oyo's existing platforms spread across Europe." Being a part of Oyo's network will also increase visibility for the homes listed on Direct Booker platform, especially across Scandinavian, Benelux and surrounding countries, Dubretic added.

Gaana CEO and Spotify's India chief join us on Orbital, the Gadgets 360 podcast, to discuss India's unique music streaming landscape. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.