US-based multinational hospitality company Airbnb has confirmed its investment in OYO. According to Inc42 sources, Airbnb has invested nearly $200 Mn in OYO as part of the Series E round.
The two companies have also signed a strategic partnership and are looking to collaborate on multiple projects, one of them being Airbnb listing OYO’s properties on its platform. According to Inc42 source, OYO Homes will be listed on Airbnb platform, which includes nearly 10K villas and apartments.
Confirming the funding, Maninder Gulati, global chief strategy officer at OYO Hotels and Homes said, “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. We’re excited by the possibilities and committed to bringing benefits to the millions of travelers who can now rely on Airbnb and OYO Hotels & Homes to find a home away from home.”
OYO has been raising funds continuously, with its last round worth a mammoth $1 billion, and the company hasn’t yet closed its Series E round and therefore, is still intent on keeping the funds coming in.
With operations in ten countries including India, OYO has recorded global sales run-rate of $1.8 billion in December, 2018, growing at 4.3X – and its India business was growing at 3X with a sales run-rate of $1.2 billion annually.