India's OYO acquires Aussie rental startup MadeComfy in $50m deal
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The news: Indian travel-tech company OYO has acquired Australian short-term rental platform MadeComfy in a deal worth over $50 million.
The numbers: MadeComfy said the acquisition is the second largest exit deal in Australia's short-term rental tech sector, behind HomeAway's $220 million purchase of Stayz in 2013.
The context: MadeComfy, which helps real estate agencies manage short-term rental properties, currently works with close to 100 agencies, and recently expanded into the New Zealand market.
The company said that over the next few years it aims to grow its network to over 300 real estate agency partners, offer more corporate accommodation options, and launch in other countries within OYO's network.
It noted that OYO's revenue management platform and data-driven pricing algorithms will enhance its ability to maximise yields for property partners.
OYO, owned by billionaire, Ritesh Agarwal, operates in more than 35 countries and manages nearly 233,000 properties worldwide. It is backed by major investors including SoftBank, Airbnb, Microsoft, and Lightspeed Venture Partners.
What they said: “Over the past decade, we’ve built MadeComfy into a platform that truly understands the dynamics of short-term rentals in Australia and New Zealand,” said Quirin Schwaighofer, co-founder and co-CEO of MadeComfy.
“Joining forces with OYO gives us the global scale and technology muscle to take that vision further, faster.”
OYO's global chief service officer Shreerang Godbole commented: “What excites us most is how their local market expertise combined with our global technology infrastructure and revenue management capabilities will create a compelling value proposition for property partners”.
The source: MadeComfy media release
