Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Portfolio

Loading...
Select Portfolio and Asset Combination for Display on Market Band
Select Portfolio
Select Asset Class
Show More
Download ET MARKETS APP

Get ET Markets in your own language

DOWNLOAD THE APP NOW

+91

CHOOSE LANGUAGE

ENG

  • ENG - English
  • HIN - हिन्दी
  • GUJ - ગુજરાતી
  • MAR - मराठी
  • BEN - বাংলা
  • KAN - ಕನ್ನಡ
  • ORI - ଓଡିଆ
  • TEL - తెలుగు
  • TAM - தமிழ்
Drag according to your convenience
ET NOW RADIO
ET NOW
TIMES NOW

Airbnb checks into Oyo with $75 m in tow

The investment brings to an end Oyo’s nearly $1.1-billion Series-E funding round that saw participation from SoftBank Vision Fund, Didi Chuxing and Grab.

ET Bureau|
Updated: Apr 12, 2019, 11.02 AM IST
0Comments
Others
oyo - others
The partnership could also lead to synergies in China, experts and industry watchers said, where Oyo has expanded quickly and is operating in 280 cities with 5,000 hotels and 260,000 rooms.
BENGALURU: US home-sharing company Airbnb has invested $75 million (Rs 516 crore) in SoftBank-backed hospitality firm Oyo, regulatory filings sourced from business signals platform Paper.vc showed.

The investment brings to an end Oyo’s nearly $1.1-billion Series-E funding round that saw participation from SoftBank Vision Fund, China’s Didi Chuxing and Singapore-based ride-hailing firm Grab.

A spokesperson from Oyo confirmed the investment from Airbnb and the closure of the round.

The investment from Airbnb was made at the same $5 billion valuation at which Oyo raised $800 million led by the SoftBank Vision Fund, and $100 million apiece from Grab and Didi Chuxing.

Oyo did not elaborate on possible synergies with Airbnb post the investment, but the Gurugram-based firm could potentially give Airbnb access to its 173,000 rooms spread across 259 cities. Oyo will get access to Airbnb’s large global traveller base and Indian users as well.

graph-oyo

ET had reported on April 2 that both companies were exploring several opportunities to collaborate in India, including making Oyo’s inventory available on Airbnb, citing sources within the company.

It is estimated that Airbnb has 45,000 listings on its platform in India. In February, Airbnb cofounder Nathan Blecharczyk told ET that India was among the top five fastest-growing markets for the company. The US firm’s investment in Oyo comes ahead of its plan for an initial public offer, which could possibly take place in 2019.

The partnership could also lead to synergies in China, experts and industry watchers said, where Oyo has expanded quickly and is operating in 280 cities with 5,000 hotels and 260,000 rooms.

China has been a market where Airbnb has failed to gain a foothold and compete with local players.
0Comments

Also Read

Oyo rebrands Oyo Living to Oyo Life

OYO launches OYO Home in Dubai

OYO launches OPEN programme for asset owners

Oyo may open Coworking Centre in Mumbai

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Share Market & More.

Other usefull Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service