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Sydney-headquartered short-term rental management company MadeComfy has been acquired by Indian multinational OYO for an undisclosed sum, with plans to triple its network of real estate agency partners across Australia and New Zealand.
Whilst the company could not confirm the transaction value, MadeComfy claims it is the second-largest exit deal Australia has seen in the short-term rental tech sector, behind the $220 million sale of Stayz to HomeAway in 2013.
This pits it above the $48.2 million sale of Alloggio Group to Next Capital in 2023, and the company confirms the sale was higher than $50 million.
The announcement comes a decade after Quirin Schwaighofer and Sabrina Bethunin (now also Schwaighofer) founded the company after he asked her to manage his property in Cremorne Point while he was travelling overseas, sparking the realisation for both of how important local support was to delivering a 5-star experience to guests.
Thus, MadeComfy was born, securing a $1.1 million seed round in 2017 to launch its digital platform and expand to Melbourne, before raising $6 million from Investec the following year and building out its technology platform.
In 2019 the company expanded nationally, entered into a partnership with Airbnb, and by the end of 2022 had secured national partnerships with LJ Hooker, Raine & Horne, Harcourts and McGrath. Today it works with close to 100 agencies, has expanded to New Zealand, and manages properties with a gross booking value (GBV) of more than $60 million.
MadeComfy will continue to operate under its own brand, but claims OYO's sophisticated revenue management platform and data-driven pricing algorithms will enhance its ability to maximise yields for property partners.
"We could not be more excited about this acquisition. It is a great outcome and opportunity for our customers, real estate partners and shareholders. This deal brings together two businesses that really complement each other," says MadeComfy co-founder and co-CEO Quirin Schwaighofer.
"Over the past decade, we’ve built MadeComfy into a platform that truly understands the dynamics of short-term rentals in Australia and New Zealand.
"Joining forces with OYO gives us the global scale and technology muscle to take that vision further, faster. With OYO’s backing, we’re not just scaling MadeComfy, we’re raising the bar for what property owners, guests, and real estate partners can expect from this category."
MadeComfy co-founder and co-CEO Sabrina Schwaighofer describes the acquisition as not just a big milestone for the company, but for the broader Australian proptech and startup sector.
"It shows the impact Australian companies can have globally when they build something unique and scalable," she says.
Backed by SoftBank, Airbnb, Microsoft and Lightspeed Venture Partners, OYO operates in more than 35 countries and manages nearly 233,000 properties worldwide.
The company has a strong track record of strategic acquisitions, having successfully partnered with multiple hospitality and travel technology companies across various markets.
OYO claims the acquisition gives it a strong position in the ANZ region and opens the door to bringing MadeComfy’s model to new markets.
"MadeComfy has built something truly impressive in the ANZ market- a platform that genuinely understands the unique needs of real estate agencies managing short-term rentals," says OYO's global chief service officer Shreeran Godbole.
"What excites us most is how their local market expertise combined with our global technology infrastructure and revenue management capabilities will create a compelling value proposition for property partners.”
Over the next years, MadeComfy plans to grow its network to over 300 real estate agency partners, offer more corporate accommodation options, and launch in other countries within OYO’s network.
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