New Delhi (CNN Business)Airbnb is investing in an Indian hotel chain that wants to become the world’s biggest within five years.
The company took part in the latest funding round at OYO, one of India’s most valuable startups, it said Monday. Neither Airbnb nor OYO would comment on the size of the investment, but it could be as much as $200 million, according to media reports. OYO was valued at $5 billion in 2018.
“Emerging markets like India and China are some of Airbnb’s fastest-growing, with our growth increasingly powered by tourism to and from these markets,” Greg Greeley, president of Homes at Airbnb, said in a statement. “In many of these markets, OYO is empowering local hospitality entrepreneurs to provide more options to more travelers,” he added.
