Martin Söderström, founder of DIG Investment, has become an investor and a non-executive director on the board of the European OYO Vacation Homes business.
OYO said it was “doubling down” on its growth and presence in the region.
Martin was expected to provide guidance on potential M&A opportunities, and assist the organisation in building partnerships with other EU-based companies.
With over 50,000 homeowners, 140,000 homes in 70 countries worldwide and 2.8 million guests annually, OVH is already a leading player in the European holiday home market.
Ritesh Agarwal, founder & group CEO, OYO Hotels & Homes, said: “For OYO, its customers and homeowners in the EU region, especially in the Nordics, hold immense strategic importance. Given Martin’s deep understanding of the region and strong business acumen, I am elated to welcome him as an investor and a fellow Board member at OYO Europe. He has a proven track record of investing and growing tech-focused businesses in India and globally with immense knowledge about the Asian and global entrepreneurial and investment ecosystem.
“We are positive that his deep experience in M&As and working with high-growth companies will add a lot of value to our growth journey in Europe, both organic and inorganic, and support us in our long-term goal of an IPO. Today, OYO’s Vacation Home business in Europe is leading OYO’s road to recovery, given customers’ trust and continued preference for small and independent boutique homes and hotels over large five-star properties. I see this trend of small hotels and vacation homes leading a structural change in the industry, and I believe ‘small is the new big’. We are already seeing this in action in the form of healthy booking, occupancies and revenue trends.
“I must add that my first interaction with Martin happened over a long call where I was in a small hill town in India and he was in Sweden. That day made me realise two things. One, how technology is breaking boundaries, and two, how we both have common aspirations of creating an impact by generating employment opportunities, supporting entrepreneurs and creating better living spaces across Europe, Scandinavia and the world at large. I look forward to working with Martin.”