World’s largest home sharing and rental platform Airbnb has purchased a stake in India’s largest hospitality chain Oyo for anywhere between $150 million to $200 million, reports Mint.
Both the companies are yet to reveal the exact nature and size of the transaction, which is a part of the Series-E funding round of India’s homegrown budget hotels aggregator.
This deal will allow Oyo to list its 10,000 villas and homes in India, Dubai and other markets on the Airbnb platform and help to expand Oyo’s international reach and strengthening Airbnb’s presence in Asia.
“Both will explore opportunities to collaborate on a range of projects. The key one is going to be making Oyo accommodation available on the Airbnb platform,” said a source to Mint. San Francisco-based Airbnb is one of the world’s most valued startups and is expected to go public either this year or in 2020.
Recently OYO Rooms also attracted an investment of $100 million from Didi Chuxing, China’s largest ride-sharing company.
Asia And Beyond
OYO, which has plans to add over a million rooms across the globe in the next three to four years, has also lined up a $600 million investment in China. It is seeking to expand in the lucrative tourism markets of West Asia, South-East Asia and parts of Europe.
New Delhi-based OYO is already the largest hotel chain in Indonesia and plans to repeat the feat in Japan before the 2020 Tokyo Olympics.
Also Read: India And The Dark Side Of Tech Platforms
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