Airbnb mulling stake in Indian hotel chain, say reports
Airbnb is reported to be mulling a strategic stake in fast-growing Indian hotel chain Oyo.
The home sharing giant could invest $100-200 million, according to news outlet The Information.
India is a market that Airbnb has yet to conquer but holds big potential.
"India is an important business opportunity for Airbnb as it has a huge population and a huge number of millennials," said Airbnb strategy chief Nathan Blecharczyk.
Business travel is also a focus there.
"Currently, we have about 6,500 companies in India who have signed with Airbnb for business travel. So, there is a lot of traction here."
At present Airbnb’s listings in India make up just 1% of the global total.
Oyo is rapidly expanding across Asia and beyond and also has its own homes division as well as managed budget hotels.
It raised more than $1 billion in the past year from backers including Softbank and Chinese ride-hailing giant Didi Chuxing.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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