OYO ACQUIRES COPENHAGEN-BASED DATA SCIENCE FIRM DANAMICA
The largest hotel chain in India, OYO announced to acquire Copenhagen-based data science company Danamica to raise its ability to utilize pricing as a key differentiator for real estate owners and customers. The financial details of the deal could not be ascertained, but TechCrunch reported that OYO had paid $10 million for the Danamica ApS-operated firm.
Danamica was founded in 2016, has built machine learning tools and “business intelligence capabilities” to specialize in dynamic pricing of rental properties. The algorithm of Danamica analyzes 144,000 data points every hour and creates 60 million price changes daily with a prediction accuracy of 97% to support hotels boost their revenue. Just like airlines and ride-sharing companies, OYO has come up with the dynamic pricing in the hospitality industry to establish a level-playing ground even for an independent or small hotelier or homeowner.
Oyo is rapidly expanding in other countries. It has already established its presence in 80 countries. Before some time, the company had committed to invest €300 million in the vacation homes business in Europe, with some extra focus on empowering technology. With the acquisition of Danamica, Oyo is looking forward to driving growth by leveraging dynamic pricing across all its brands including Oyo Home, Belvilla and DanCenter.