Airbnb Inc. invested an undisclosed sum at Oyo Hotels & Homes, as the world's largest real estate leasing company partners with the Indian hospitality network, expanding at a dizzying pace.
While Airbnb and Oyo did not disclose the value, a person familiar with the details told BloombergQuint that it is around $ 150-200 million. As part of the strategic investment, Oyo's listings will appear on the Airbnb platform, said the person seeking anonymity as the details are not public. The partnership, he said, is not exclusive.
For US-based Airbnb, the partnership comes weeks after you purchased the last-minute HotelTonight app.
Manyo Gulati, Oyo's global strategy director, said in a statement: "Strong global footprints and Airbnb's access to local communities will open up new opportunities for Oyo Hotels & Homes."
The company, which last year raised $ 1 billion from Softbank Group Corp., has been expanding aggressively globally by entering markets such as China, US, United States, Philippines, UK, among others. This has propelled him to the league of the world's largest hotel chains, such as the Wyndham Group, the Choice Group, Marriott Hotels and the InterContinental and Hilton for properties, although it is still very short in terms of rooms. Ritesh Agarwal, co-founder and chief executive officer, targets the No. 1 crown globally.
Last month, Oyo said it intends to invest $ 200 million (about Rs 1,400 crore) in its business in India and Nepal in 2019 to strengthen the technology and expand operations. The company, according to its website, is present in more than 259 Indian cities, with more than 8,700 hotels and more than 173,000 rooms listed on its platform.