On Monday, Oyo acquires Danamica. Danamica is Copenhagen-based data science. This acquisition is the startup move to expand its business in Europe.
Neither of the party mentions the exact financial terms of the deal.
Danamica
Danamica was founded in 2016. The startup has since built machine learning tools and business intelligence capabilities. Both products specialize in dynamic pricing of rental properties.
The startup algorithm is capable to analyze 144,000 data points every hour and makes 60 million price changes every day. Its prediction accuracy level is 97%. Later, Danamica will help Oyo to be more accurate with pricing and leading to higher efficiencies. Therefore, it can help hotels boost their revenue.
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Besides, Oyo expects this acquisition will help it to scale its technical expertise as it expands its footprint in overseas markets.
Oyo Expansion
Oyo is currently the largest hotel chain in India. The startup is rapidly expanding in other countries. It has already established presence in 80 countries. About half of its 1 million rooms are in China, where it launched last year.
This announcement comes weeks after Oyo said that it planned to invest €300 million in its vacation rental business in Europe. Besides, it also announced to invest another $300 million toward U.S expansion over the coming years.
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Earlier in May, Oyo has also bought Leisure, an Amsterdam-based holiday rental company for $415 million.
Besides, in July, Oyo has also entered the co-working spaces market. It has launched Oyo Workspaces. The startup plans to make Oyo Workspaces becomes the largest business in its category in Asia. The startup plans to achieve that goal by the end of next year.
To faster that, Oyo has also acquired Innov8, an Indian co-working spaces startup.
