May 20, 2019- It has been reported that Oyo – which is already backed by global investors including the SoftBank Group, Lightspeed India, Sequoia Capita, Greenoaks Capital, Hero Enterprise and China Lodging Group,is on the verge of getting some more cash from Airbnb around US$100-200 million as they mull over an investment in the startup Airbnb recorded a 7.4% GDP growth in 2018 in India with a 52% growth in listings, while China recorded 6.6% GDP growth with a 106% growth in listings.
Reports suggest that Oyo is currently available across over 250 cities in India with over 170,000 rooms. The company has also expanded in countries like China, Nepal, Saudi Arabia, UAE and Philippines, among others. However, according to Oyo, India and China are its two most important markets.
Last year, Oyo revealed its plans to invest approximately $600 million in China as part of its expansion plans. The company first announced that it would be investing $200 million in its Indian and South Asian businesses, followed by its announcement of a new brand — Collection O hotels — that targets millennial travellers.