OYO cashes in another cheque from Swedish billionaire Martin HP Söderström for its vacation homes business in Europe
- 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.
AdvertisementIndian 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.
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 Alstead||Former COO, Starbucks|
|Gerardo Issac (Gerry) Lopez||Operating partner at SoftBank Vision Fund|
|Betsy Atkins||CEO & founder of Baja Corporation|
|Munish Varma||SoftBank Investment Advisers|
|Bejul Somaia||Managing director, Lightspeed Venture Partners|
|Mohit Bhatnagar||Managing director, Sequoia Capital|
|Aditya Ghosh||Former CEO - OYO India & South Asia Former President Indigo Airlines|
|Dr W. Steve Albrecht||Former president of the American Accounting Association|
|Martin Söderström||Chairman of DIG Investment|
“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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