Europe Push: OYO to inject $335million for Vacation Rental Business Expansion
The Silicon Review
16 August, 2019
World’s third-biggest and fastest-growing hotel chain, OYO Rooms, will pump $335million in its vacation home business, it confirmed Wednesday. The move by the budget hotel booking startup would challenge other players such as Airbnb.
The new investment plan comes at a time when the company is pushing looking to foray into more overseas market. Local business magnets in India highly appreciated the move by OYO.
According to the company, it is looking to make Oyo Vacation Homes a top-notch destination for a world-class holiday experience. The fresh investment directly targets the European region. It will strengthen the relationship between the company and the homeowners where OYO would offer resources that are needed to establish elegant hospitality experiences.
Moreover, the capital will also aim to build the largest rental management services business across Europe that are operated by brands such as Belvilla, Dancenter, and Danland.
The company also states that it has 23,000 hotels and 125,000 under its belt with over 1 million rooms in 80 plus countries. On the other hand, the growth of Oyo Vacation Homes has doubled since OYO acquired Leisure two months back.
The business expansion rate for OYO is surging since it entered the co-working space in America last month. The company also intends to inject $300 million to establish its business in America.
The European vacation rental market is expected to be worth $18.6 billion by the end of this year.
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