Oyo completes purchase of European firm Direct Booker
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 (over 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.
"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.
Direct Booker CEO & cofounder 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.