OYO, the fast-growing budget hotel startup out of India that’s backed by Airbnb and SoftBank, has successfully entered the Dutch market with the help of INCO Business Group.
While companies like Airbnb have expanded into higher-end homes and business services, what OYO brings is diversification into another segment of the market. OYO has built its business primarily on budget offerings — and with this around middle-class, family travel that’s often also planned on a budget.
“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 on the right) said in a statement.
Starting business in NL
The incorporation of the first Netherlands company by OYO was quickly followed by a substantial acquisition to expand its footprint into Europe, specifically around self-catering home rentals.
The company has bought Leisure Group from Axel Springer for about $415 million (€369.5 million).
read more about the dutch business environment.
Working with inco
OYO, which is now valued at $5 billion, had involved INCO to facilitate the formation of several Dutch legal entities and to provide corporate secretarial services to ensure no hiccups would delay the acquisition.
The cooperation between OYO and INCO was considered successful, according to Shivam Saxena.
Only two months after announcing its plan to buy Leisure Group, OYO Rooms has successfully closed the deal and renamed the company.
The Netherlands-based Leisure Group will now be known as OYO Vacation Homes, as the mothership looks to use it’s brand name for corporate purposes and closely align the businesses.
Tobias Wann, CEO of OYO Vacation Homes:
"The rebranding of the Leisure Group to OYO Vacation Homes fits in with our ambition to become the number one player in the vacation rental market worldwide. OYO is currently one of the fastest-growing hospitality brands in the world. We want to contribute to this by further growing the holiday home market. "
is your company ready for the next step?