US-based multinational hospitality chain Airbnb has invested nearly USD 200 million in Oyo Hotels & Homes as part of the Indian startup’s Series E funding round.
The deal will allow Oyo’s 10,000 villas and homes in India, Dubai and other markets to be listed on the Airbnb platform, expanding Oyo’s international reach and strengthening Airbnb’s presence in Asia, an anonymous source told Mint. For Airbnb, listing Oyo’s rooms under management will boost its inventory in a market where it is yet to make a big impact.
Those aware of the details of the transaction said the funding valued Oyo at a little over USD 5 billion. Oyo has received nearly USD 1.2 billion in fresh capital in this round.
Maninder Gulati, global chief strategy officer at Oyo Hotels & Homes, said in a statement, “Airbnb’s strong global footprints and access to local communities will open up new opportunities for Oyo Hotels & Homes to strengthen and grow.”
Airbnb has about 47,000 properties listed in India, and almost six million listings across 81,000 cities in 191 countries. Its co-founder Nathan Blecharczyk had told Economic Times during his visit to India in February that the country was among the five fastest growing markets for the company globally.
Airbnb has not officially announced any IPO plans, but it has been reported recently that it will issue shares directly to the public.