Airbnb to invest $100-200m in India's Oyo: reports
AirBnb is reportedly considering investing in Soft Bank-backed Oyo, a few weeks after it acquired last-minute hotel booking service - HotelTonight
AirBnb is reportedly considering investing in Oyo, a few weeks after the former service acquired last-minute hotel booking service — HotelTonight.
According to a report from The Information, the US-based service is in discussions to invest US$100-200 million in Oyo as the company is pushing towards growing even more in India and China. Airbnb recorded a 7.4% GDP growth in 2018 in India with a 52% growth in listings, while China recorded 6.6% GDP growth with a 106% growth in listings.
Reports suggest that Oyo is currently available across over 250 cities in India with over 170,000 rooms. The company has also expanded in countries like China, Nepal, Saudi Arabia, UAE and Philippines among others. However, according to Oyo, India and China are its two biggest markets.
An Oyo spokesperson said, "As the seventh largest hotel chain operator in the world, OYO Hotels & Homes, is working closely with a range of global distribution partners such as Airbnb and other regional and global players. Our mission is to create quality living spaces and offer those to guests and travellers across the world, and global strategic relationships support that work. None of these relationships are exclusive in nature as OYO will always strive to offer its accommodation spaces to every potential guest. We don't have anything further to comment at the moment."
Last year, Oyo revealed its plans to invest approximately $600 million in China as part of its expansion plans. The company first revealed that it will be investing $200 million in its Indian and South Asian businesses, followed by its announcement of a new brand — Collection O hotels — that targets millennial travellers.
The startup is backed by global investors including the SoftBank Group, Lightspeed India, Sequoia Capita, Greenoaks Capital, Hero Enterprise and China Lodging Group.