OYO acquires banquet company Weddingz.in, steps up to expand in real estate

Hospitality firm OYO on Monday said it has acquired wedding banquet company Weddingz.in for an undisclosed amount.

The acquisition is a step towards the company expanding its play field to real estate sector, OYO said in a statement.

"What this partnership facilitates is combining OYO's capabilities of asset management and technology with the scale Weddingz.in offers in India's fragmented $40 billion weddings industry," OYO Chief Strategy Officer Maninder Gulati said.

With more than 10 million marriages in India held annually, the segment holds immense potential for innovation, improvement and standardisation of processes, the statement said.

"This alliance will work towards simplifying wedding planning for Indians while tapping the enormous opportunities this space offers," Weddingz.in Founder Sandeep Lodha said.