OYO cashes in another cheque from Swedish billionaire Martin HP Söderström for its vacation homes business in Europe

OYO cashes in another cheque from Swedish billionaire Martin HP Söderström for its vacation homes business in Europe
File image of an OYO HotelOYO
  • OYO has raised an undisclosed amount of funding from Martin HP Söderström, the chairman of DIG Investments.
  • The Ritesh Agarwal-led OYO raised ₹54 crore or $7.4 million from Hindustan Media Ventures in a Series F round of funding.
  • With this investment, Söderström will also join the board of OYO Europe.
Indian hospitality unicorn OYO has raised an undisclosed amount of funding from Martin HP Söderström, the chairman of DIG Investments. Söderström’s wife Charlotte is also the heir of the fashion brand H&M.

Earlier this week, the Ritesh Agarwal-led OYO raised ₹54 crore or $7.4 million from Hindustan Media Ventures in a Series F round of funding.

OYO has been pinning its hopes on the staycation and ‘drive-to’ destination trend to get back on track. In fact, OYO has been betting on its holiday homes vertical in Europe, and recently Agarwal had mentioned that having already pumped 350 to 400 million Euros in the area, they are looking to invest more.

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OYO claims that with the recent conclusion of the acquisition of TUI Ferienhaus business from e-domizil GmbH, it is now the second-largest globally in the vacation homes space by the number of homes.

With this investment, Söderström will also join the board of OYO Europe.

OYO BOARD MEMBERS
Troy AlsteadFormer COO, Starbucks
Gerardo Issac (Gerry) LopezOperating partner at SoftBank Vision Fund
Betsy AtkinsCEO & founder of Baja Corporation
Munish VarmaSoftBank Investment Advisers
Bejul SomaiaManaging director, Lightspeed Venture Partners
Mohit BhatnagarManaging director, Sequoia Capital
Aditya Ghosh Former CEO - OYO India & South Asia Former President Indigo Airlines
Dr W. Steve AlbrechtFormer president of the American Accounting Association
Martin SöderströmChairman of DIG Investment

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“Martin will work closely with the management team of OYO to drive continued and sustainable growth in the company. He will provide guidance on potential M&A opportunities, and would also assist the organization in building deep strategic partnerships with other leading, EU-based companies and lay out its brand positioning strategy as a thought leader in the vacation rental space,” said the company in its statement.

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