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A week after reports suggesting that OYO is looking at acquisitions, the online hospitality major has announced its first business acquisition, entering into an agreement with Chennai-based service apartment company Novascotia Boutique Homes. OYO’s acquisition of Novascotia will help it strengthen its offering to corporate customers and help it create India's largest corporate service brand. The acquisition will boost OYO’s portfolio by 350 exclusive rooms across locations where Novascotia has its footprints further strengthening OYO's position as the largest full stack hospitality tech company in India. Novascotia caters entirely to corporates and has a presence in Chennai, Coimbatore, Hyderabad, Kochi and Trivandrum and OYO plans to expand these offerings to 12 cities by the end of 2018. OYO claims that it has developed capabilities to add up to 10,000 rooms per month and will end the year with 180,000 keys. Read original article |
