New Delhi (TAN): Global home-sharing platform Airbnb has invested in India-based hospitality company OYO, media reports said.
Although financial details were not disclosed, the amount of investment could reportedly be up to USD 200 million. Airbnb, which recently crossed the 500 millionth guest arrival mark, participated in the latest funding round at OYO.
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According to OYO, it is currently India’s largest hospitality company. The move is expected to help Airbnb further boost its business in the Indian market in the coming months, and have access to various franchised or leased accommodations.
“Emerging markets like India and China are some of Airbnb’s fastest-growing, with our growth increasingly powered by tourism to and from these markets. In many of these markets, OYO is empowering local hospitality entrepreneurs to provide more options to more travelers,” President of homes at Airbnb Greg Greeley was quoted by media reports as saying.
OYO, founded in 2013 as a startup to book low-cost hotels in India, is headquartered in Gurgaon. Apart from its presence across 230 Indian cities, the company has expanded to other countries including Malaysia, China and Nepal.
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Global chief strategy officer at OYO Hotels & Homes, Maninder Gulati was quoted by media reports as saying: “Airbnb’s strong global footprint and access to local communities will open up new opportunities for OYO Hotels & Homes to strengthen and grow, while staying true to its core value proposition.”
