Hospitality major OYO has reportedly acquired Paris-based premium rental homes company Checkmyguest for INR 230 Cr ($27.4 Mn) in a cash and stock transaction, just a few days after raising INR 1,457 Cr (approximately $175 Mn) in a down round.
According to OYO, the acquisition will involve the issuance of 72.9 million shares. Nevertheless, the amount of the cash payment was not disclosed.
The acquisition also encompassed the luxury rental apartment management company Studio Prestige and the housing renovation business HMG, which was previously known as Helpmyguest.
Checkmyguest maintains an extensive presence in Paris. The report cited an OYO spokesperson as stating that the company predominantly acquires an inventory of premium homes through a share swap over a period.
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In a recent funding round, OYO secured INR 1,457 Cr (about $175 Mn) from investors including Ritesh Agarwal’s Singapore-based business Patient Capital, J&A Partners, and ASK Financial Holdings. This funding round resulted in a decrease in OYO’s valuation to $2.37 Bn.
About Checkmyguest
Checkmyguest was founded in 2016 by Julien Madar, Joffrey Ichbia, and Kevin Cohen. It provides holiday rental properties, including homestays and luxury apartments.
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