Giant of Indian Hospitality OYO has acquired Paris-based premium home rental company CheckMyGuest for Rs 230 crore in a cash-and-stock deal.
“Checkmyguest has a strong presence in Paris. Oyo acquires a premium housing stock primarily through a share swap over a period of time,” said an Oyo spokesperson.
While OYO did not disclose the cash amount, the company said it will issue 79.2 million shares for the acquisition.
According to media reports, CheckMyGuest was previously valued at $110 million.
OYO’s previous funding round
Development occurs shortly after OYO It reportedly raised Rs 1,457 crore (approximately $175 million) in a Series G funding round at a valuation of $2.37 billion.
The round was led by Singapore-based Ritesh Agarwal, who listed Patient Capital, along with J&A Partners and ASK Financial Holdings.
The company, which is on the verge of going public, raised nearly Rs 1,040 crore in the Series G funding round. Earlier, it raised Rs 416.85 crore in the same series, PTI reported.
Acquisition of Helpmyguest and Studio Prestige
The acquisition includes home renovation business HMG (formerly HelpMyGuest) and luxury rental apartment management company Studio Prestige, according to The Arch report.
Founded in 2016 by Julien Madar, Joffrey Ichbia and Kevin Cohen, Checkmyguest offers vacation rental properties such as homestays and luxury apartments.
Joffrey Ichbia also confirmed the development in his LinkedIn post:
“It’s official! We have joined one of the largest hotel groups in the world! We are delighted to announce that Checkmyguest is now part of OYO, one of the largest hotel groups in the world. This merger is an important milestone for us and opens up incredible opportunities in terms of development, new markets and careers,” Ichbia wrote.
OYO’s presence in Europe
As of March 2024, OYO operated around 85,000 homes, mainly in Europe, and 18,103 hotels in India and Southeast Asia.
He travel technology The company has made several European acquisitions to expand its presence in Croatia, Germany, Denmark, Spain and Austria.
Among the companies it has acquired so far are Direct Booker, Danamica and Leisure Group.
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