Airbnb participates in Softbank-backed OYO’s series E funding round

Home-renting company Airbnb has invested in Indian hotel reservation start-up OYO’s series E funding round, as it dives deeper into the hotel-booking business.

Airbnb did not disclose the details of its investment in OYO, which is backed by Japan’s SoftBank Group Corp.

US-based Airbnb will look at ways to make the OYO accommodation available on its platform, the company said on Monday.

The investment will give Airbnb access to a variety of franchised or leased hotels, helping it lure travellers who have shied away from the risks and quirks of renting a stranger’s home.

The company bought HotelTonight last month, an app for finding hotel rooms at a discount, with an eye on a variety of travellers ahead of a hotly anticipated initial public offering.