Martin HP Söderström joins OYO as investor, appointed director of European Vacation Homes biz
Hospitality firm OYO on Monday said Founder and Chairman of DIG Investment Martin HP Sderstrm has joined the company as an investor and has been appointed as a non-executive director in the European Vacation Homes business.Sderstrm has joined the European business of OYO Vacation Homes OVH as a non-executive director.PTI | New Delhi | Updated: 11-01-2021 17:23 IST | Created: 11-01-2021 16:42 IST
Hospitality firm OYO on Monday said Founder and Chairman of DIG Investment Martin HP Söderström has joined the company as an investor and has been appointed as a non-executive director in the European Vacation Homes business.
Söderström has joined the European business of OYO Vacation Homes (OVH) as a non-executive director. ''As a mark of his trust and commitment towards the company, Martin will also be buying shares worth an undisclosed amount in the parent company,'' OYO said in a statement.
OYO's vacation homes business is a large and critical part of its global business, and OYO is committed to investing and growing it.
In recent months, an additional 3,400 homeowners throughout Europe have joined the company adding more than 5,000 homes to the current portfolio, it said.
''As a member of the board, Martin will work closely with the management team of OYO to drive continued and sustainable growth in the company,'' the statement said.
He will provide guidance on potential M&A (Mergers and acquisitions) opportunities and help the organisation build deep strategic partnerships with other leading, EU-based companies and layout its brand positioning strategy as a thought leader in the vacation rental space, it added.
Martin's appointment further signals OYO's commitment towards strengthening its corporate governance globally. The company had earlier appointed Troy Alstead, former COO Starbucks, Gerardo Issac Lopez, Operating Partner at SoftBank Vision Fund, Betsy Atkins, CEO and Founder of Baja Corporation, and W. Steve Albrecht as the members of OYO's Global Board, the statement 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,'' OYO Hotels & Homes Founder and Group CEO (chief executive officer) Ritesh Agarwal said.
Martin 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, he added.
''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,'' Agarwal said.
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