Airbnb invests in Indian budget hotel startup Oyo

OyoHome rental company Airbnb is investing between $100m and $200m in Oyo, India’s largest hotel company, as it continues to dive deeper into the hotel-booking world, according to Reuters. News of the investment comes almost a month after Airbnb acquired HotelTonight, which is an app that helps people find discounted hotel rooms.

Details surrounding the deal have not been disclosed, but Airbnb has confirmed its investment in Oyo’s latest funding round. The Series E funding has passed $1bn and includes investment from SoftBank’s Vision Fund, Grab, and Didi Chuxing.

“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,” said Greg Greeley, president of homes at Airbnb. “In many of these markets, OYO is empowering local hospitality entrepreneurs to provide more options to more travellers. 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 currently operates in India, China, UK, Singapore, Malaysia, Nepal, Philippines, United Arab Emirates, Sri Lanka, Saudi Arabia, and Japan.

“Airbnb’s strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes to strengthen and grow while staying true to our core value proposition,” said Maninder Gulati, global chief strategy officer at Oyo Hotels & Home. “We’re excited by the possibilities and committed to bringing benefits to the millions of travellers who can now rely on Airbnb and OYO Hotels & Homes to find a home away from home.”