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1 April 2019 By Una Galani Follow @ugalani

The $31 bln home-sharing app is investing in no-frills lodging chain Oyo. Both are flourishing in the world’s two largest emerging markets, clipping at the heels of established operators. Joining forces will add zest to Airbnb’s mooted IPO, and gives its smaller peer a U.S. lift.

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Airbnb has invested in Oyo, India’s no-frills budget hotel chain, the two companies said on April 1.

The companies did not disclose the amount, but on March 18 The Information had reported that the U.S. company was considering an investment of up to $200 million. A person close to the situation confirmed to Reuters Breakingviews that the final investment came in near that amount.

Oyo’s existing investors include SoftBank Group, Sequoia Capital, China Lodging Group, and Chinese ride-hailing firm Didi Chuxing.

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