Airbnb is slated to invest $200 million in Oyo, India’s biggest hotel company. Airbnb has participated in the recent round of funding, looking forward to working with one of the country’s most promising startups.
According to CNN, India and China are just two of Airbnb’s emerging markets, with these countries’ tourism being boosted by the influx of tourists around the world. Following this reason, company president of Homes at Airbnb, Greg Greeley, states that OYO is one of the main businesses which provide more options for travelers coming from various locations. OYO’s Humble Beginnings
OYO initially started as a booking platform for travellers to locate and make affordable housing accommodations. Founded in 2013 by Ritesh Agarwal, the hotel franchise has now gained momentum and is reaching greater heights. Now, the company manages more than 460,000 rooms across 8 countries, reports CNN. These countries include China, Indonesia, Malaysia, and the United Kingdom.
Based on the Financial Times report, the company claims that it is now the sixth biggest hotel chain in the world. Having started from developing low-priced hotels, OYO is now looking to broaden its horizon. In just a few years, the company is expecting to add a number of rooms in its roster come 2023, setting its sights to beat Marriott Hotels.
What the Partnership Means
Reuters states that Airbnb’s partnership with the hotel chain will allow Airbnb to gain access to numerous hotels under its platform. This means that the said company will continue to bring in business, particularly when it addresses the fears of the public in terms of renting another person’s private home or space.
However, Financial Times notes that this partnership also means more expansive access for OYO. Its partnership with the United States-based firm would still allow them to promote its slew of listings on other booking platforms such as Expedia.