India's OYO acquires Paris-based Checkmyguest for Rs 230 crore

Indian hospitality giant OYO has acquired Paris-based premium rental homes company CheckMyGuest for Rs 230 crore in a cash and stock deal.

“Checkmyguest has a dense presence in Paris. Oyo gets to acquire an inventory of premium homes primarily through a share swap over a period,” an Oyo spokesperson said.

While OYO didn't disclose the cash amount, the company said that it will issue 79.2 million shares for the acquisition.

According to the media reports, CheckMyGuest was previously valued at $110 million.

OYO's previous funding round

The development comes shortly after OYO reportedly raised Rs 1,457 crore (approximately $175 million) in a Series G funding round at a valuation of $2.37 billion.

The round was led by Ritesh Agarwal floated Singapore-based entity Patient Capital, along with J&A Partners and ASK Financial Holdings.

The IPO-bound company raised nearly Rs 1,040 crore in the Series G funding round. Previously, It raised Rs 416.85 crore in the same series, PTI reported. 

Acquiring Helpmyguest and Studio Prestige

The acquisition includes the housing renovation business HMG (formerly HelpMyGuest) and the luxury rental apartment management company Studio Prestige, according to The Arc's report.

Founded in 2016 by Julien Madar, Joffrey Ichbia and Kevin Cohen, Checkmyguest offers vacation rental properties like homestays as well as luxury apartments.

Joffrey Ichbia also confirmed the development on his LinkedIn post:

"It's official! We've joined one of the largest hotel groups in the world! We are delighted to announce that Checkmyguest is now part of OYO, one of the largest hotel groups worldwide! This merger is a major milestone for us and opens up incredible opportunities in terms of development, new markets, and careers," Ichbia wrote.

OYO's presence in Europe

As of March 2024, OYO operated around 85,000 homes, mainly in Europe, and 18,103 hotels in India and Southeast Asia.

The traveltech company has made several European acquisitions to expand its presence in Croatia, Germany, Denmark, Spain, and Austria.

Direct Booker, Danamica, and Leisure Group are among the companies it has acquired so far.