OYO Rooms mulling takeover of rival Zo Rooms
Sunday, 07 Dec, 2015
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Indian hotel aggregator Oyo Rooms is reportedly lining up a deal to buy rival Zo Rooms, according to media reports.
"Investors and management from both sides have met," one unnamed source was quoted as saying.
Oyo Rooms is one of India’s leading players in an increasingly competitive budget accommodation market and was valued at about $400 million during its most recent funding round.
Zo Rooms has an approximate value of $90 million but is struggling to fund expansion as its biggest backer Tiger Global Management has decided to cut back on investments.
"Negotiations are still early, but investors and management have agreed to take the discussions forward," the source said, adding that there is no guarantee the two parties will reach an agreement.
OYO Rooms recently signed a distribution deal with Thomas Cook India, offering its portfolio of 3,200 Indian hotels to Thomas Cook’s leisure and business customers.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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