Indian hospitality startup Oyo Hotels and Homes is continuing its rapid expansion mode with Europe now on the radar.
Having just introduced the Oyo brand to the UK, it has now made its first significant acquisition in Europe.
It agreed a deal to acquire Amsterdam-based holiday rental company @Leisure Group for US$415 million.
It is buying @Leisure Group from German media firm Axel Springer and expects to close the transaction next month.
The deal represents one of the largest acquisitions by an Indian startup.
@Leisure is a significant independent player with about 30,000 fully managed holiday homes located in 13 countries in Europe.
Additionally, its Traum-Ferienwohnungen sub-brand offers a subscription-based home management service for about 85,000 homes across 50 countries.
It has a customer base of about 2.8 million travellers.
Now valued at about $5 billion, Oyo claims to be the world’s sixth largest hospitality company.
