Budget hotel provider OYO, the Gurgaon based unicorn has bagged a fresh investment in the Series E funding round which has been led by world’s largest home-sharing platform Airbnb. As per reports, the firm has infused a sum anywhere close to $150-$200 million in the company.
Notably, the companies have signed a strategic partnership where they will collaborate on a number of projects. Through the funding round, Airbnb will have OYO properties being listed on it's platform. Prior to this round, Chinese firm Didi Chuxing along with SoftBank Vision Fund in February earlier in the year had infused $100 million. As per Crunchbase, with this round of capital infusion, the total amount raised by the company now stands at $1.8 billion.
OYO Hotels and Homes' global chief strategy Maninder Gulati confirming the news said, “Airbnb’s strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes to strengthen and grow while staying true to our core value proposition. We’re excited by the possibilities and committed to bringing benefits to the millions of travellers who can now rely on Airbnb and OYO Hotels & Homes to find a home away from home.” Greg Greeley, president of homes at Airbnb commenting on the deal said, “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."
Airbnb had recently acquired HotelTonight, the San Francisco-based mobile hotel booking platform. Airbnb in India ever since its entry in 2016 has more than 47,000 properties listed on the platform with Goa being their biggest market.
OYO, on the other hand, is doing exceptionally well in raising funds. With the fresh funds pouring in, OYO now has launched itself across eight countries including India. China, Malaysia, Nepal, the U.K., UAE, Indonesia, and the Philippines are the countries where OYO has started their offerings.
Image Courtesy : thenational