In April, US-based Airbnb, which operates an online marketplace for hospitality services, invested $200 million in the OYO.
The investment gave a major boost to Airbnb’s India operations and instant access to 10,000 OYO Homes properties. This month, it was reported that OYO is set to acquire Amsterdam-based vacation rental company @Leisure Group from Axel Springer for about ^370 million (Rs 2,885 crore), in one of the biggest acquisitions of a foreign firm by an Indian Unicorn. The transaction is expected to close by next month. It would help OYO to move a step closer to realising its vision of becoming a global real estate brand while maintaining leadership in the hospitality industry.
OYO, which has raised a total of $1.7 billion in funding, now claims to be the world’s sixth-largest hotel chain operating from Tokyo to Texas. The company said it has footprints in more than 800 cities across 24 countries, including the UK, US, India, China, UAE, Indonesia and Saudi Arabia.