is starting a new business, called Trips, that revolves around providing local experiences to travellers. 'Trips' is a way to experience a different side of the city, immersing themselves in communities through the eyes of locals. On his maiden visit to India, company's Chief Executive Officer Brian Chesky
said India is rising to become one of the company’s key revenue generators with the country’s young and rapidly expanding middle class spending big on travel, reported The Economic Times
The San Francisco-based company is one of the world’s most valued start-ups, estimated to be worth $31 billion, and is a leading player in the sharing economy.
Founded in August of 2008 the Airbnb
is a community marketplace for people to list, discover, and book accommodations around the world - online or from a mobile phone or tablet. It connects people to travel
experiences in more than 65,000 cities and 191 countries.
Here are the key things Chesky said on India and Airbnb's future plans:
On Indian market:
With 22,000 homes (in India) out of about 3 million (globally) is less than 1%. But still, the reason I am incredibly excited is, in about 10 years from now India will be one of the world’s biggest markets for Airbnb,” Chesky, 35, in an interview to ET
is the most significant development in the history of Airbnb.
We're expanding beyond accommodation, but taking the same people-focused approach to the entire trip". "I'm excited to launch India Trips
today as we've handpicked unique experiences, designed and led by locals, to reflect the diversity and variety of the city," Chesky said.
On Donald Trump's travel ban:
Chesky decried the stance adopted by US
President Donald Trump
and his recent attempts to ban immigrants from specific nations. “I think they are mostly a step backward for the world,” said Chesky.
On competition with Uber:
Our strategy is very different because we have a different business. Our growth strategy is more about building a global network. Not just India to India intrabound but understanding where are Indians travelling. We have been very aggressive at developing where they travel.
We started by localising our product for India and growing quickly to where they want to travel
to, said the Airbnb
On Climate Change:
The billionaire entrepreneur also said that the global community must unite to deal with common problems from climate change
to terrorism and the disruption caused by globalisation.
Advice to Indian entrepreneurs:
If the price per unit of what one is selling is very low and has been further subsidised, it is not just an Indian problem. The funding environment should never affect a company and if people love a product business will thrive in any economic environment, said Brian Chesky, according to the financial daily.
On Airbnb's IPO:
We don't have a date, nor any immediate plans, said the chief executive. However, he said preparation for an IPO
is good corporate hygiene.