News comes as home-sharing giant makes push for IPO
Airbnb has invested upto $200 million into Indian hotel-booking startup OYO Hotels & Homes, according to Skift. OYO offers technology to small budget hotels to help streamline bookings, management, and food orders. Hotels join its franchise program in exchange for a 20 percent fee, WSJ noted.
By the numbers: OYO has 18,000 franchised or leased hotels. This ranks the startup as the sixth largest hotel operator in the world.
Worth Noting: The Indian company has raised more than $1 billion in equity from investors. Most recently, SoftBank invested at a $5 billion valuation.
IPO prep: After acquiring HotelTonight last month, Airbnb’s Brian Chesky outlined his vision to become a comprehensive travel marketplace. This OYO investment is in line with that vision.