OYO, headed by Ritesh Agarwal, has agreed to buy Europe-based vacation rental startup ‘Direct Booker,’ according to a statement released Monday. The transaction was finalised at a cost of about Rs 40 crore (around $5.5 million), according to the business. OYO will increase its reach in Europe, notably in Croatia, as a result of the acquisition, according to the company.
On its Belvilla platform, OYO owns roughly 1,800 holiday houses and over 7,000 on its Traum Ferienwohnungen platform. OYO owns and operates two platforms that serve European customers. Direct Booker’s inventory will be available on Belvilla.com (Belvilla by OYO) and, over time, on the company’s other platforms, according to the company. As a strategic growth lever, OYO plans to ‘actively scout’ for ‘tuck-in’ acquisitions, particularly in the European market.
According to the company, it already has a presence in the Netherlands, Denmark, Belgium, Germany, and Austria.
“Homes continue to be an important strategic segment for OYO. With our leading Operating System, Dynamic Pricing capability and other data science enabled features, we have been able to add value to our over 140,000 Home Storefronts globally,” Ankit Tandon, Global Chief Business Officer at OYO said in a statement. “We continue to focus on going deep in Europe and delivering the best Vacation Home experiences to our customers,” Tandon added.
“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,” Nino Dubretic, CEO & Co-Founder of Direct Booker said. 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.
As per their company’s website, Direct Booker is one of the best performing ‘Airbnb alternatives’ and manages bookings through a partner network of flats and villas. Direct Booker, founded in Croatia, has a network of approximately 3000 households and 8000 properties scattered throughout eleven European nations. According to OYO, the company has served 20 lakh consumers thus far.