Home-rental platform Airbnb plans to invest between $100 and $200 million in the Softbank Group-backed Indian hotel start-up Oyo, according to media reports.
According to a report in India’s LiveMint news outlet, an anonymous source said that the deal will immediately allow Oyo’s 10,000 properties in India, Dubai and several other markets to be listed on the Airbnb platform.
“Both will explore opportunities to collaborate on a range of projects,” the source said. “The key one is going to be making Oyo accommodation available on the Airbnb platform.”
On Monday, Airbnb said it has invested in Oyo’s latest funding round, but did not disclose details of the deal.
Last month, the firm bought HotelTonight, an app designed to help travellers find hotel rooms at discounts.
“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,” Greg Greeley, Airbnb’s president of homes, was quoted as saying by Reuters.
Oyo – which last year raised $1 billion from investors including SoftBank – operates in a number of international markets, including Dubai, India, China and the UK.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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