Airbnb, the home-sharing giant has confirmed a deal with OYO with a hefty investment of $75 Million. This deal will now allow OYO’s 10,000 Villas and homes in India to be listed on Airbnb’s website. It will expand OYO’s international reach and increase Airbnb’s presence in India. Airbnb’s co-founder Nathan Blecharczyk said, ‘India is an important market for Airbnb as the Western markets have saturated’. Till date, OYO has raised more than $1.5 million from its investors including Airbnb.
While OYO and Airbnb had been rivals previously, but this deal between the giants is said to be quite strategic for both. The reports confirm that previously Airbnb had been keen to take over a large bit of the Indian market. Airbnb’s co-founder revealed that India is one of the five fastest growing markets worldwide. Hence, this collaboration between Airbnb and OYO will benefit both companies in the long run.