Skift Take
So it's finally confirmed. Airbnb is investing up to $200 million in India's budget hotel chain Oyo, a deal that India Oyo observers say has big upsides for both companies.
Airbnb has confirmed an investment in Oyo Hotels & Homes’ Series E round, although it would not disclose the amount or terms of investment. A source close to the development, however, affirms the deal is between $100 million and $200 million.
Until this, Oyo had raised $1.7 billion in funding from over 11 rounds, the most recent being $100 million on February 14 from Didi Chuxing.
Greg Greeley, Airbnb’s president of homes, said in a statement, “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.
“In many of these markets, Oyo is empowering local hospitality entrepreneurs to provide more options to more travelers. We share a dedication to offering people more choices when traveling, and we’re excited to partner with Oyo as we work to make Airbnb for everyone.”
Oyo’s founder Ritesh Agarwal was not available for comment at press time.
See Oyo founder and CEO Ritesh Agarwal at Skift Forum Asia
Neither party would disclose how they would leverage each other and, in fact, may be they don’t even know yet. Skift understands that talks between the two unicorns had been ongoing for only about two to three months, and there was “no visibility” on a lot of areas. It was expected to “take some
