Hospitality sector veteran Oyo has acquired the Australian Short Term Rental Management Startup Medcomi through its European vacation home a subsidiary, Belvilla. This acquisition will help Oyo expand their vacation home business in Australia and New Zealand. However, even after the acquisition, Medcomphi will continue to work as an independent brand.
In 2015, Quirin Schwighofer and Sabrina Betunin launched the Medcomfy Company. The company manages more than 1,200 properties in Australia and also provides management service of short-term rental properties. Its offices are in Sydney, Melbourne, Brisbane, Perth and Adelaide. The company is also active in New Zealand, manages properties in Auckland, Wellington and Hamilton. Now Oyo has acquired Medcomi.
Gross booking value 60 million US dollars
According to media reports, its gross booking value recently stood at US $ 60 million. As part of the acquisition, the co-founder will continue to lead the company, which through its medcommipro platform provides services to real estate agencies, property developers and landlords.
Oyo acquired Medcomi
In a post on LinkedIn, Schwighofer wrote, it is official that Medcomi has been acquired by Oyo. We are very excited by joining the OYO family with hospitality brands like Czechmigest, Belvilla and G6. As part of Oyo, Medcommies will now have access to their world -class technology, processes and expertise, as well as it will continue to work as an independent brand.
Company value 5 billion US dollars
OYO founder and CEO Ritesh Aggarwal expressed happiness over the acquisition and said that I am excited to work together. According to media reports, this transaction includes an advance equity of US $ 19 lakh and postponed stock of US $ 96 million, including a cash part. This step of Oyo has come between a broad global expansion and delayed IPO. According to reports, the current value of the company is around US $ 5 billion.