IPO-bound unicorn Oyo has reportedly acquired K&J Consulting which operates the premium rental homes company Checkmyguest Group in France.
According to a report by The Arc, Oyo acquired the French-based platform in a stock-and-cash deal worth Rs 230 crore ($27.4 million). However, Storyboard18 could not independently verify the details.
Oyo will also buy additional brands with Checkmyguest, including apartment rental service Studio Prestige and property design and renovation company Helpmyguest, The Arc reported.
An Oyo spokesperson has shown optimism in Europe’s market. The Arc quoted the spokesperson saying, “While the revenue from hotels Oyo onboarded in India has increased 1.8 times, the income of the home business in Europe has grown by 2.1 times”.
Notably, Oyo has made several acquisitions in Europe since 2021 including in Denmark, Croatia, Germany, Denmark, Austria, and Spain.
OYO achieves first-ever annual profit of Rs 229 Crore in FY24
Earlier this month, Oyo raised Rs 1,457 crore in a Series G round from a group of investors including InCred Wealth, Patient Capital, and J&A Partners. As per the media reports, PAteint Capita pumped in Rs 830 crore, and J&A Partners and ASK Financial Holdings infused Rs 120 crore and Rs 14 crore, respectively.
Notably, Patient Capital is a Singapore-based entity run by Oyo founder Ritesh Agarwal.
OYO CEO Ritesh Agarwal reveals he didn’t know how to read a balance sheet
The travel unicorn reported its maiden profit after tax of Rs 229 crore (approx) for FY 24, Agrawal told media. The company’s Earning Per Share (EPS) stood at Rs 0.36 from Rs 1.93 per share in FY23.
“Our audited results are published post-adoption by the board. The effort of OYOpreneurs has delivered Rs 229 crore net profit, exceeding my earlier estimate of Rs 100 crore. Now with Rs 0.36 EPS done, now to Rs 1 EPS and beyond at FY25. Lots of improvements still left to do. Proud of what we are building together,” Agrawal wrote on the platform X.
“We had our maiden net profitable financial year at nearly Rs 100 corer. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of about Rs 1000 crore,” he added.