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The Silicon Review Asia

New Investment: Airbnb Participates in OYO’s new Funding Round

New Investment: Airbnb Participates in OYO’s new Funding Round

Airbnb, a Californian company has participated in the latest funding round of OYO Rooms, CNN Business reported on Monday. The company has invested in the funding round but the size of the investment was not revealed.

According to media reports, the size of the investment could be $200million. Last year, the valuation of OYO Rooms was $5billion. OYO Rooms intends to become the world’s largest hotel chains within five years.

OYO Rooms which started its operation five years ago, now has 4, 60,000 rooms for accommodation across eight countries including the UK, Indonesia, Malaysia, and China. According to the company, it ranks among the top five hospitality chains in China. Its services are spread across 5,000 hotels in 280 cities.

Currently, the company is adding rooms faster than the world’s top three hotel chains combined and prepares to take over Marriott, a global leader in the hotel space by 2023.

Since Airbnb has its own operations in India, it is targeting OYO properties to list down in its platform. The latest investment in the Indian firm is a part of the company’s move to boost its growing hotel business. Last month the company took over HotelTonight, a platform for booking hotels at a cheaper price.

The list of investors under OYO includes WeWork, SoftBank (SFTBF), Slack and some of India’s biggest startups. Softbank also invested in OYO Rooms and has funded to start its operation in Saudi Arabia.

The new investment by Airbnb will boost the company in terms of operations.

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