Airbnb-backed OYO moves into Europe, buys Leisure Group from Axel Springer for $415M – TechCrunch
1 May 2019 5:45 AM GMT
OYO, the fast-growing budget hotel startup out of India that?s backed by Airbnb, SoftBank, Grab and Didi, has made an acquisition to expand its footprint into Europe, specifically around self-catering home rentals. The company has picked up�@Leisure Group from Axel Springer for about $415 million (?369.5 million). Axel Springer had a 51 percent share of [?]
- OYO, the fast-growing budget hotel startup out of India that's backed by Airbnb, SoftBank, Grab and Didi, has made an acquisition to expand its footprint into Europe, specifically around self-catering home rentals.
- "We see vacation homes as a unique opportunity with 115,000 units of homes now getting added to our already growing count of beautiful homes and we are excited to continue maintaining our global industry leadership," OYO's founder and CEO Ritesh Agarwal (pictured above) said in a statement.
- Tobias Wann, the CEO @Leisure, is becoming CEO of Vacation Homes at OYO as part of the acquisition.
- Group was started with a similar mission to identify and service all forms of vacation & urban home rentals, focusing on delivering a hassle-free experience to both homeowners and guests.
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