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


You can switch off notifications anytime using browser settings.
ET Rise
11,331.05-15.15
Stock Analysis, IPO, Mutual Funds, Bonds & More

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 Hotels & Homes launches Oyo Lite globally

Lightspeed and Sequoia hit the jackpot with Oyo

Oyo rebrands Oyo Living to Oyo Life

Hotels Body takes Oyo complaint to CCI

Oyo to recast biz into 3 units to streamline operations

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

Other useful Links


Follow us on


Download et app


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