IPO-seeking unicorn Oyo has reportedly acquired K&J Consulting, which runs premium rental housing company Checkmyguest Group in France.
According to a report by The Arc, Oyo acquired the France-based platform in a stock and cash deal valued at Rs 230 crore ($27.4 million). However, Storyboard18 could not independently verify the details.
Oyo will also acquire other brands along with Checkmyguest, including apartment rental service Studio Prestige and property design and renovation company Helpmyguest, The Arc reported.
An Oyo spokesperson expressed optimism about the European market. The Arc quoted the spokesperson as saying, “While revenue from hotels acquired by Oyo in India has increased by 1.8 times, revenue from its domestic business in Europe has increased by 2.1 times.”
Notably, Oyo has made several acquisitions in Europe since 2021, including in Denmark, Croatia, Germany, Denmark, Austria and Spain.
Earlier this month, Oyo raised Rs 1,457 crore in a Series G funding round from a group of investors including InCred Wealth, Patient Capital and J&A Partners. According to media reports, PAteint Capita contributed Rs 830 crore, and J&A Partners and ASK Financial Holdings contributed Rs 120 crore and Rs 14 crore, respectively.
Patient Capital is a Singapore-based company led by Oyo founder Ritesh Agarwal.
The travel unicorn reported its maiden profit after tax of Rs 229 crore (approx.) for FY24, Agrawal told the media. The company’s earnings per share (EPS) was Rs 0.36 against Rs 1.93 per share in FY23.
“Our audited results will be published after board approval. OYOpreneurs’ efforts have delivered a net profit of Rs. 229 crore, exceeding my earlier estimate of Rs. 100 crore. Now at Rs. 0.36 crore EPS, now at Rs. 1 crore EPS and more in FY2025. There is still a lot of improvement to be made. We are proud of what we are building together,” Agrawal wrote on the X platform.
“We had our first financial year with a net profit of nearly Rs 100 crore. This was our eighth consecutive quarter of positive EBITDA and we also have a cash balance of about Rs 1,000 crore,” he added.
