Indian startup OYO Rooms on Monday (2 September) revealed that it had acquired Danish data science firm Danamica as part of its strategy to grow its share in the European vacation rental market, reports TechCrunch. Although the company has not made public the exact details of the deal, a source told TechCrunch that OYO had paid approximately $10 million for the deal.
Copenhagen-based Danamica specialises in dynamic pricing of rental properties with its machine learning tools and “business intelligence capabilities”. The budget accommodation startup said that Danamica would help them be more accurate with pricing as its algorithm reads about 144,000 data points per hour and makes 60 million price changes in a day with an accuracy rate of 97 per cent.
“We are delighted to announce our acquisition of Danamica, a Europe based, machine learning and business intelligence company specialised in dynamic pricing, that will help us be more accurate with pricing, leading to higher efficiencies and yield for our real estate owners and value for money for our millions of global guests, both everyday travellers and city dwellers, that choose an OYO Vacation Homes as their abode,” said Global Head of OYO Vacation and Urban Homes Maninder Gulati in a statement.
This decision comes in the wake of OYO’s announcement that it will invest €300 million in its vacation rental business in Europe in the coming years.
OYO, the largest hotel chain in India, is rapidly making its presence felt across the globe, managing more than a million rooms in 80 countries.
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