On April 1, home-rental firm Airbnb confirmed it had invested in Gurugram-based Oyo. While the companies did not disclose figures, various reports including one from the Economic Times pegged Airbnb’s investment at $150-200 million (Rs 1,027 crore to Rs 1,370 crore). The deal will immediately allow Oyo’s 10,000 villas and homes in India, Dubai and other markets to be listed on Airbnb, expanding Oyo’s reach and strengthening Airbnb’s presence in Asia, Mint reported. Maninder Gulati, global chief strategy officer at Oyo, said in a release that Airbnb’s strong global footprint and access to local communities would open up new opportunities for Oyo to strengthen and grow.
Expansion and consolidation
Last month, Mint reported that Oyo was in talks with several venture debt firms and private banks to raise funds to expand its Townhouse property vertical in India. The company also renewed its commercial agreement with MakeMyTrip for another five years around the same time, ET reported. The agreement excludes Oyo’s rivals Treebo Hotels and FabHotels from MakeMyTrip’s platforms. Oyo also said in March that it would pump $200 million into its India and South Asia business to focus on expansion and customer experience. It also launched the Collection O category of hotels.
Oyo’s previous funding
- In September 2018, Oyo raised $800 million in a funding round led by SoftBank Vision Fund, with participation from existing investors Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital. It received a commitment for an additional $200 million, for a total investment of $1 billion.
- In September 2017 Oyo raised $250 million in a Series D round led by SoftBank through its SoftBank Vision Fund.
Prior to that, It raised $100 million in a funding round led by SoftBank group, Greenoaks Capital, Sequoia Capital and Lightspeed India.
- In March 2015, Oyo raised $20 million in a funding round led by Greenoaks Capital and other existing investors.