Chennai: International home-renting platform Airbnb has made a strategic investment of around $150 to $200 million in Indian hotel startup Oyo.
With this Series E funding, Oyo has raised over $1.5 billion from investors till date. However, both the companies did not disclose the details of the latest investment.
Apart from the funding, the investment provides scope for strategic association between the two companies as Oyo has now become a hospitality services provider and both are no longer rivals.
Oyo's home and villas will now appear on the Airbnb platform and increase its international presence. Airbnb will benefit from Oyo's strong presence in India and China.
"Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO Hotels and Homes to strengthen and grow," said Maninder Gulati, Global Chief Strategy Officer of OYO.
