Airbnb has taken a stake in Indian hotel chain Oyo with reports suggesting investment of more than £76m ($100m).
The budget Indian hotel chain confirmed home rental platform Airbnb had invested in the company but were not in a position to share further details. In addition, both parties are exploring opportunities to collaborate on a range of projects, including making Oyo accommodations available on the Airbnb platform.
Oyo announced its intention to expand further across the UK in September last year with £40m earmarked for this purpose and Jeremy Sanders, former chief executive and co-founder of the Coco di Mama restaurant chain, appointed to lead its UK operations. The company already has 29 properties in London, Edinburgh and Blackpool.
Maninder Gulati, global chief strategy officer at Oyo Hotels & Homes, said: "As the sixth largest hotel chain operator in the world, we at Oyo Hotels & Homes are committed to offering our guests and travellers around the world great quality living spaces. We are happy to have Airbnb as our partner in this vision.
"Strong global strategic relationships that support this mission, help drive collaborative efforts in the right direction. Airbnb's strong global footprints and access to local communities will open up new opportunities for Oyo Hotels & Homes to strengthen and grow while staying true to our core value proposition. We're excited by the possibilities and committed to bringing benefits to the millions of travellers who can now rely on Airbnb and Oyo Hotels & Homes to find a home away from home."
Founded by chief executive Ritesh Agarwal in 2013, Oyo is India's largest hospitality company with regards to number of rooms. The company is backed by investors including the SoftBank Vision Fund, Greenoak Capital, Sequoia India, Lightspeed India, Hero Enterprise and China Lodging Group.Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).