Half a month ago, The Information had circulated a report saying that US-based homestay aggregating application Airbnb is in talks with Indian hospitality chain OYO Rooms. It is likely to invest around $100-200 million in the Indian startup.
According to the latest report by Reuters, Airbnb has closed the investment in the Series E round being raised by OYO. Even while the amount of funding still remains unknown, the motive of the US realty giant is clear.
It wants to cash on the growing hospitality and tourism industry in the country. Airbnb realised that the traction on its own platform isn’t growing as planned, partly due to the hesitation in the Indian population against staying in stranger’s houses.