Short-term rental management company MadeComfy has been acquired by Indian billionaire Ritesh Agarwal’s global travel-tech firm OYO in a move to bolster its presence in Australia and New Zealand’s growing rental market.
Key Takeaways
- MadeComfy, a short-term rental management startup founded in 2015 by husband-and-wife duo Sabrina and Quirin Schwaighofer, has been acquired by global travel-tech company OYO.
- The startup currently operates across Australia and New Zealand, working with nearly 100 real estate agencies and managing properties with a Gross Booking Value exceeding $60 million.
- Its platform enables real estate agencies and landlords to manage and scale short-term rentals more efficiently with tools that boost performance and streamline property management.
- The acquisition will see MadeComfy continue operating under its own brand, while gaining support to scale its services and expand across the Australia and New Zealand short-term rental market.
Crucial Quote
“Joining forces with OYO gives us the global scale and technology muscle to take that vision further, faster. With OYO’s backing, we’re not just scaling MadeComfy, we’re raising the bar for what property owners, guests, and real estate partners can expect from this category”, Quirin Schwaighofer, Co-Founder and Co-CEO of MadeComfy said.
Key Background
OYO operates in more than 35 countries and manages nearly 233,000 properties worldwide.
Founded by Forbes Asia 30 Under 30 alumni Ritesh Agarwal, the India-based travel-tech company provides small businesses and property owners with a comprehensive suite of tools to increase revenue and streamline operations.
Tangent
Backed by investors including SoftBank, Microsoft, Airbnb, and Lightspeed Venture Partners, OYO is reportedly eyeing an IPO at a valuation of around US$7 billion. This marks a decline from its peak valuation of US$10 billion in 2019.
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