ReutersApr 01, 2019 18:50:17 IST
Home-renting company Airbnb has invested in Indian hotel reservation start-up OYO’s series E funding round, as it dives deeper into the hotel-booking business.
Airbnb did not disclose the details of its investment in OYO, which is backed by Japan’s SoftBank Group Corp.
US-based Airbnb will look at ways to make the OYO accommodation available on its platform, the company said on Monday.
The investment will give Airbnb access to a variety of franchised or leased hotels, helping it lure travellers who have shied away from the risks and quirks of renting a stranger’s home.
The company bought HotelTonight last month, an app for finding hotel rooms at a discount, with an eye on a variety of travellers ahead of a hotly anticipated initial public offering.
“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,” said Greg Greeley, president of homes, Airbnb.
OYO, which raised $1 billion last year from investors including SoftBank and ride-hailing firm Grab, operates in India, China, the United Kingdom, Dubai, Indonesia and Malaysia.
It expects revenue to more than treble every year over the next five years, as it expands locally and in international markets, a senior company executive told Reuters earlier this year.
“Airbnb’s strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes...” said Maninder Gulati, global chief strategy officer at OYO Hotels & Home.
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