India’s largest hotel chain OYO has acquired Danish data science firm Danamica for an undisclosed sum, the SoftBank backed company announced on Monday. The Indian company which has been on a global expansion spree bought the Copenhagen startup which specializes in dynamic pricing to bolster its global vacation rental business. By making strategic investments in products and processes, OYO is marching into new territories and consolidating its position in the European market. The Danish data science company is founded by Mads Westberg & Rune Larsen who are confident their pricing technology will help the parent company achieve its growth targets.
“Data sciences across pricing, AI, and imaging sciences have been a cornerstone of OYO’s proprietary revenue enhancement technology,” said Maninder Gulati, Chief Strategy Officer of OYO Hotels & Homes. He further added, “It is also a huge missing piece in the way traditional vacation rentals industry is run. We are glad to have found Danamica, which has built expertise in these areas. Both Rune and Mads are extremely talented individuals and together with their team, they have built a valuable IP that analyses many years of data and pricing trends and provides logical and scientific recommendations, which will help us scale our vacation and urban homes business across Europe and other parts of the world.”
One of the key benefits provided by Danamica is that the company specializes in dynamic pricing, which will help Oyo to lend more accuracy to pricing, leading to higher efficiencies and yield for their real estate owners and value for money for millions of global guests.
“We are very pleased to announce that Danamica is now part of OYO Vacation Homes family,” shared Westberg and Larsen, the founders of Danamica. “OYO’s ambition and growth are extraordinary and we couldn’t imagine taking part in a more exciting journey. OYO and Danamica have a shared understanding of the importance and impact of AI and data science. Like OYO, we recognize the untapped potential in the vacation rental industry that can be fulfilled with a data-driven approach,” they further added.
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Richa Bhatia is a seasoned journalist with six-years experience in reportage and news coverage and has had stints at Times of India and The Indian Express. She is an avid reader, mum to a feisty two-year-old and loves writing about the next-gen technology that is shaping our world.