India’s one of the leading hotel booking platform OYO acquires online wedding marketplace platform Weddingz in a cash-and-stock deal. Though the amount of the deal has not been disclosed.
This is the third acquisition of Softbank backed company in this year. The Gurgaon based company acquired 100% stake in the wedding platform. The platform was backed by early-stage venture capital firms Singularity Ventures and Sixth Sense Ventures
“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.
Founded in 2015 by Sandeep Lodha, Weddingz is India’s leading wedding planning platform. After the acquisition, OYO will not change the company Weddingz name and also not remove its workforce of 200 employees.
Earlier, OYO acquired service apartment operator Novascotia Boutique Homes and internet-of-things technology venture AblePlus.