Airbnb Inc. has made an investment in the famous hotel startup Oyo, as per a statement by Airbnb. The investment is around $150-200 million and part of Oyo’s Series E funding.
This move is to strengthen the presence of Oyo at an international level and also its presence in the Asian markets. The deal will open up Oyo’s 10,000 homes and villas listings on Airbnb in India, Dubai and so on.
“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,” said Greg Greeley, president of homes at Airbnb. Airbnb will look at ways to make Oyo listings available on its platform, the San Franciso-based firm said.
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The investment comes at a point when the two startups were usually pitted against each other. Oyo has been in an expansion mode over the last year. It has entered markets such as China, the US, UAE and the Philippines, among others.
Oyo is present in over 259 cities, with more than 8,700 buildings and over 173,000 rooms, as per the company.