EQS-News

Indian Billionaire Ritesh Agarwal, Founder of Dancenter’s parent company OYO in Germany to boost business

EQS-News: DanCenter / Key word(s): Miscellaneous Indian Billionaire Ritesh Agarwal, Founder of Dancenter’s parent company OYO in Germany to boost business 08.05.2024 / 17:45 CET/CEST The issuer is solely responsible for the content of this announcement. Hamburg, Germany 8th May 2024 – Ritesh Agarwal, the Founder and CEO of global hospitality technology company OYO is visiting Germany. Agarwal will be in Hamburg on the 8th of May 2024 to meet with Dancenter’s business associates, homeowners, and employees at a local office. He will also be visiting a Danland park, Marina Wendtorf.

OYO operates VRMC providers under OYO Vacation Homes (OVH) brand. OVH operates legacy brands such as DanCenter & Belvilla and online marketplace like Traum-Ferienwohnungen in Germany. Across OVH brands Dancenter, Belvilla and Traum-ferienwohnungen the company currently has over 60,000 homes in Germany spread across key cities Lower Saxony, Mecklenburg-Western Pomerania, Schleswig-Holstein, Baltic Sea, Mecklenburg, North Sea region, Sauerland, Wendtorf, Ottendorf Großenbrode, Kappeln, Groemitz and Gelting. The company is actively looking to expand its presence across Germany.

Dancenter recently announced a ~ €46 million investment plan for Dancenter to double its current portfolio and enhance technological capabilities. Dancenter also joined forces with Vert in the Faroe Islands with an investment of €120K. This is essentially to support Vert's expansion effort as they double their footprint by adding 200 holiday homes in Faroe Islands in 2024.

The company is also doubling down on tech capabilities which include features like keyless entry and smart locks to improve the guest experience. Smart locks will add an additional layer of security as well as improve the convenience of the customers as their entry will become quick and smooth after they reach their holiday homes post a long travel.

“During my recent visits to Europe, I had the opportunity to meet with several homeowners and was truly inspired by their passion. I am looking forward to building on those conversations and finding ways to better support our homeowners and enhance the guest experience. I will be visiting Germany regularly to ensure that we leverage on the opportunity for growth in the German market.”