Online homestay aggregator Airbnb is pouring money into its Indian operations.
For the financial year that ended in March 2018, Airbnb India, a subsidiary of the San Francisco-based company, reported a revenue of about Rs35 crore ($4.95 million). Nearly all of it came in the form of foreign exchange as “professional and consultation fees,” according to Tofler, a business intelligence platform which accessed Airbnb India’s filings with the registrar of companies.
The filings list Airbnb’s holding company in Ireland as the sole client. “This is some commercial arrangement where Airbnb India is claiming services delivered to the parent entity as revenue,” said Yugal Joshi, vice-president at Texas-based consulting firm Everest Group.