OYO, the Indian hospitality giant founded by Ritesh Agarwal, has acquired the French startup CheckMyGuest for approximately $27.4 million in a cash-and-stock deal.
This acquisition is part of OYO’s ongoing strategy to strengthen its presence in the European rental market, further solidifying its position as a global leader in the hospitality industry.
Company Background: What is CheckMyGuest?
Founded in 2016 by Julien Madar, Joffrey Ichbia, and Kevin Cohen, CheckMyGuest specializes in managing premium rental properties, including luxury apartments and holiday rentals in Paris.
Over the years, the company has established itself as a key player in the French rental market, offering high-end property management services that cater to discerning clients.
The Acquisition Deal: OYO’s Strategic Move
OYO’s acquisition of CheckMyGuest involves a cash-and-stock transaction valued at $27.4 million.
As part of the deal, OYO will issue approximately 79.2 million shares to the founders and investors of CheckMyGuest.
However, the specific cash component of the transaction remains undisclosed.
This acquisition aligns with OYO’s broader strategy of expanding its footprint in the European rental market.
It builds on OYO’s previous acquisitions in the region, including the luxury rental management company Studio Prestige and the renovation business HMG (formerly HelpMyGuest).
Funding Context: OYO’s Recent Financial Moves
The acquisition comes on the heels of OYO’s recent $175 million funding round, which saw the company’s valuation adjusted to approximately $2.37 billion.
This funding boost provides OYO with the financial resources needed to continue its aggressive expansion strategy, particularly in key international markets like Europe.
Future Plans: What’s Next for CheckMyGuest?
The co-founders of CheckMyGuest, Julien Madar, Joffrey Ichbia, and Kevin Cohen, will remain with the company, leveraging OYO’s extensive resources to drive growth and explore new market opportunities.
By integrating CheckMyGuest’s expertise in premium property management with OYO’s global reach, the combined entity is poised to offer enhanced services to customers across Europe.
OYO’s Vision: Revolutionizing the Hospitality Industry
Ritesh Agarwal, the visionary founder and CEO of OYO, has consistently aimed to revolutionize the hospitality industry by making quality living spaces accessible and affordable to travelers worldwide.
This latest acquisition is a testament to OYO’s commitment to scaling its operations and delivering exceptional value to its customers.
Conclusion: OYO’s Strategic Expansion in Europe
OYO’s acquisition of CheckMyGuest marks a significant milestone in its European expansion strategy.
By acquiring a key player in the French rental market, OYO is not only broadening its service offerings but also positioning itself for future growth in the highly competitive hospitality sector.
With the continued leadership of Ritesh Agarwal and the expertise of CheckMyGuest’s founders, OYO is well on its way to achieving its vision of becoming the world’s leading hospitality company.
