Airbnb Invests $200 Million In Oyo
Airbnb Inc., the world’s largest home-sharing platform invested in India’s hotel startup, Oyo. This deal will allow Oyo to have more than 10,000 villas and homes in India, Dubai, and other regions. This will help in expanding Oyo’s international reach and amplifying Airbnb’s presence in Asia. With the deal, both the companies will be benefitted.
Oyo accommodation will be available on the Airbnb platform as a solution to the problem of renting a home from a stranger. The deal will also leverage the trends of companies in the hospitality industry.
With Airbnb becoming a broader travel industry, this deal will further strengthen the perception. This will also be good for the company for its public offering.
With Oyo becoming the leading hotel startup, India is becoming a huge market for other companies too. Similarly, for Airbnb, India is becoming an important market. Currently, Airbnb has about 47,000 properties in India and 6 million properties across 81,000 cities in 191 countries.
Greg Greeley, president of Airbnb said in an interview, “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”.
For this deal, Maninder Gulati, global chief strategy officer at OYO Hotels & Homes said, “Airbnb’s strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes”.
Oyo is present in more than 259 cities with 1, 73,000 rooms in India which are looking for more expansion worldwide. Let’s see how this deal benefits both the emerging companies in India and worldwide.