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OYO acquires wedding marketplace Weddingz
August 11, 2018Hospitality company OYO has acquired Weddingz, an online marketplace for wedding venues and vendors, in a cash -and-stock deal, making it the SoftBank-backed company’s third buyout in six months.
The financial terms of the transaction were not disclosed. “We look at supply—whether it’s hotels, homes or banquets— and are always interested in companies that have it and operate in a very similar manner to OYO,” said Maninder Gulati, chief strategy officer at OYO. “The technology and distribution capabilities are the other two critical areas for us when we look at potential acquisitions, and Weddingz fit the bill on all three.”
Gurgaon headquartered OYO has acquired a 100% stake in the three-year-old Mumbai-based startup that counts early-stage venture capital firms Singularity Ventures and Sixth Sense Ventures as well as Google India Managing Director Rajan Anandan among its backers. Gulati did not disclose the returns earned by the two investment firms post their exits from Weddingz.
Weddingz was founded in 2015 by former IITDelhi and Wharton School alum Sandeep Lodha. Gulati said OYO will not rebrand Weddingz and that it has absorbed the company’s entire workforce of about 200 employees.
“They have a great presence and brand call. What we want is, other entrepreneurs operating in areas that are of interest to us, to approach us and build and innovate with us,” Gulati said.