OYO Raises $75 mn from Airbnb

OYO which is a homegrown hospitality unicorn startup has now secured an investment of $75 Million from the San Francisco based Airbnb.

According to the report, OYO secured the amount last month. The firm current valuation now stood at $4.3 billion. The development comes less than a fortnight after both the OYO and Airbnb had confirmed an investment as a part of the Series E funding round without even disclosing its value.

Airbnb investment in the OYO is now aimed at expanding its offerings from the staple home rentals by gaining access to the firm inventory of leased and franchised hotels.

Airbnb as of now operates in more than 191 countries which provides the homestays that range from both the private rooms to the islands and manors.

For the OYO, the development comes with the rapid expansion within India and overseas as it even seeks to become a full stack hospitality service firm.

As of now in India, OYO operates in more than 260 Indian cities across the 2 lakh rooms in the 9000 hotels and homes with the mix of both the lease and franchise models.

Picture Credits: OYO