August 14, 2019 / 1:23 PM / 5 days ago

SoftBank-backed Oyo to invest $335 mln in holiday rental's Europe push

BENGALURU, Aug 14 (Reuters) - Indian hotel start-up Oyo said on Wednesday it will invest 300 million euros ($335.28 million) in its vacation home business, to expand its footprint in Europe.

Oyo acquired Amsterdam-based holiday rental company @Leisure in May, after which the SoftBank-backed hospitality chain re-christened it Oyo Vacation Homes.

The business now owns over 125,000 homes in more than 80 countries, Oyo said in an emailed statement. Apart from traditional hotels, Oyo also competes with the likes of Airbnb Inc in the holiday rentals industry.

Oyo’s announcement comes after founder Ritesh Agarwal raised his stake in the company with a $2 billion buyback, in a move that will bring his ownership closer to biggest investor SoftBank Corp.

The company claims to be the world’s third-biggest and fastest-growing hotel chain. ($1 = 0.8948 euros) (Reporting by Derek Francis in Bengaluru, Editing by Sherry Jacob-Phillips)

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