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Airbnb participates in Softbank-backed OYO's series E funding round

US-based Airbnb will look at ways to make the OYO accommodation available on its platform

Reuters 

OYO now plans big play in Indonesia, lines up $100-million investment

Home-renting company has invested in reservation start-up OYO's series E funding round, as it dives deeper into the hotel-booking business.

did not disclose the details of its investment in OYO, which is backed by Japan's Corp.

US-based will look at ways to make the accommodation available on its platform, the company said on Monday.

The investment will give Airbnb access to a variety of franchised or leased hotels, helping it lure travellers who have shied away from the risks and quirks of renting a stranger's home.

The company bought last month, an app for finding hotel rooms at a discount, with an eye on a variety of travellers ahead of a hotly anticipated initial public offering.

"Emerging markets like and are some of Airbnb's fastest-growing, with our growth increasingly powered by tourism to and from these markets," said Greg Greeley, of homes, Airbnb.

OYO, which raised $1 billion last year from investors including SoftBank and ride-hailing firm Grab, operates in India, China, the United Kingdom, Dubai, and

It expects revenue to more than treble every year over the next five years, as it expands locally and in markets, a told earlier this year.

"Airbnb's strong global footprints and access to local communities will open up new opportunities for Hotels & Homes..." said Maninder Gulati, at Hotels & Home.

 

 

First Published: Mon, April 01 2019. 14:27 IST
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