Home-renting company Airbnb will invest between US$100 and US$200 million in SoftBank Group-backed Indian hotel start-up OYO, reported The Financial Times.
Airbnb announced on Monday, April 1, it has invested in OYO’s latest funding round and it will look at ways to make the Indian start-up’s accommodation available on its platform. It did not disclose details of the deal.
FT added that Oyo and Airbnb were exploring deeper collaboration, including making Oyo properties available through the Airbnb platform, but that this would not entail dropping partnerships with other booking platforms, such as Expedia. For San Francisco-based Airbnb, the investment is part of a push to broaden its business as it eyes an initial public offering later this year or in 2020.