So it’s finally confirmed. Airbnb is investing up to $200 million in India’s budget hotel chain Oyo, a deal that India Oyo observers say has big upsides for both companies.
Airbnb has confirmed an investment in Oyo Hotels & Homes’ Series E round, although it would not disclose the amount or terms of investment. A source close to the development, however, affirms the deal is between $100 million and $200 million.
Until this, Oyo had raised $1.7 billion in funding from over 11 rounds, the most recent being $100 million on February 14 from Didi Chuxing.
Greg Greeley, Airbnb’s president of homes, said in a statement, “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.