Oyo acquires Data Science firm Danamica

Oyo Hotels & Homes has acquired Danamica, a Copenhagen based data science company with machine learning and business intelligence capabilities specialized in dynamic pricing. This acquisition is inline with OYO's continued commitment to its global vacation rentals business through strategic investments in technology products, processes, and people.

Danamica, which was founded in 2016, has built machine-learning tools and “business intelligence capabilities” to specialize in dynamic pricing of rental properties. The firm’s algorithm analyzes 144,000 data points every hour and makes 60 million price changes every day with a prediction accuracy of 97% to help hotels boost their revenue.

Oyo, which is the largest hotel chain in India, is rapidly expanding in other countries. It has already established a presence in 80 countries. About half of its 1 million rooms are in China. The company has also acquired multiple portfolios such as @Leisure Group and Innov8 coworking to expand its branded offerings

OYO, launched in 2013 has a portfolio of 23,000 hotels and 125,000 vacation homes globally present in over 800 cities in 80 countries, including the U.S., Europe, U.K., India, Malaysia, Middle East, Indonesia, the Philippines, and Japan.

Oyo Hotels acquires Innov8

Oyo Hotels and homes, the world’s third-largest chain of hotels, homes, managed living and workspaces has confirmed its acquisition of Innov8, a co-working spaces provider, highlighting the company’s increasing focus on the fast-growing segment.

Charting out its multi-brand approach to the workspace’s opportunity in India, Oyo introduced three co-working brands under Oyo Workspaces: Innov8, Powerstation and Workflo for upper mid-scale, mid-scale and economy segments, respectively.

 

OYO Workspaces is set to open the door to its more than 21 workspaces, with over 15,000 seats across more than 10 cities in India, it said in a statement. Of these, Innov8 is currently spread across six cities—Delhi, Noida, Gurugram, Bengaluru, Chandigarh and Mumbai, with 16 centres hosting over 6,000 employees of brands like Swiggy, Paytm, Pepsi, Nykaa, OLX and Lenskart. Powerstation has one centre in Gurugram with over 1,000 seats and Workflo has set up four centres across NCR, Hyderabad and Bengaluru with a hosting capacity of over 1,500 seats in total already.

Oyo pegs co-working spaces to be a $20 billion business opportunity in India by 2020. Oyo’s entry into the workspaces business comes at a time when India is already seeing the emergence of several large companies in this segment, including the likes of WeWork India, CoWrks, Awfis and Smartworks.