Airbnb’s OYO Investment Could be its Ticket to the East | In the News
Indian budget hotel chain OYO has managed to impress the US company that had inspired it in the first place.
On April 01, the world’s largest short-term home-rental firm Airbnb confirmed investing in the Gurugram-based OYO. While the companies did not disclose the quantum of the investment, reports have pegged it at around $200 million (Rs1,386 crore).
“The concept of frenemies is gaining currency as companies try to keep up with the pace of disruption and they can’t innovate as fast on their own,” said Yugal Joshi, vice-president at Texas-based consulting firm Everest Group, citing other examples like China’s Didi Chuxing investing in south Asian cab-hailing company Grab.