56-424: OYO Rooms (stylised as OYO ), also known as OYO Hotels & Homes , is an Indian multinational hospitality chain of leased and franchised hotels, homes, and living spaces. Founded in 2012 by Ritesh Agarwal , OYO initially consisted mainly of budget hotels. As of January 2020, it has more than 43,000 properties and 1 million rooms across 800 cities in 80 countries. In 2012, Ritesh Agarwal launched Oravel Stays as
112-444: A watchdog journalism website, has accused the company of manipulating its data to portray a different result. Landlords have also been accused of illegally evicting tenants to convert properties into higher-rent Airbnb listings. Concerns on the effect of Airbnb on housing affordability has resulted in increased lodging regulations and restrictions, which have generally been opposed by Airbnb via lobbying efforts. This phenomenom
168-557: A 6% interest in the company. With the website already built, they used the Y Combinator investment to fly to New York to meet users and promote the site. They returned to San Francisco with a profitable business model to present to West Coast investors. By March 2009, the site had 10,000 users and 2,500 listings. In March 2009, the name of the company was shortened to Airbnb.com to eliminate confusion over air mattresses; by then listings included entire rooms and properties. By November 2010, out of 700,000 nights booked, 80% had occurred in
224-596: A budget accommodation listing and booking website, later renamed to OYO in 2013. Shortly after launching Oravel Stays, Ritesh Agarwal received a grant of $ 100,000 as part of the Thiel Fellowship , a two-year program from PayPal co-founder Peter Thiel . In March 2016, OYO acquired the team of Qlik Pass, founded by Rahul Gupta and Rishi Swami, to set up and lead its data science department. In March 2018, OYO acquired Chennai-based service apartment operator, Novascotia Boutique Homes, to establish its presence in
280-423: A decline in hotel revenue in some markets and an increase in lobbying by the hotel industry. Airbnb is one of the few major travel companies without a loyalty program, which has led to criticism by many customers. This is in part attributed to its lack of business customers, as reported by The Wall Street Journal . Airbnb features a review system in which guests and hosts can rate and review each other after
336-517: A documentary launched by its Rausch Street Films division. The rights were sold to MTV , which aired the program on its network. On World Animal Day (October 4) in 2019, Airbnb launched a new standalone category of experiences focused on those involving animals, as well as an animal welfare policy created with and backed by World Animal Protection . In 2020, Airbnb started testing the Jetpack Compose framework in its Android app while
392-536: A hard time finding lodging in the city. After the founders raised $ 30,000 by selling cereal named after the two candidates of the 2008 United States presidential election , Barack Obama and John McCain , mostly at the 2008 Democratic National Convention , computer programmer Paul Graham invited the founders to the January 2009 winter training session of his startup incubator, Y Combinator , which provided them with training and $ 20,000 in funding in exchange for
448-402: A host. There have been incidents of hosts secretly recording their guests using hidden cameras , including in areas such as bedrooms and bathrooms. Publications such as The Washington Post and Fast Company have published guides on how to find hidden cameras in an Airbnb rental. In a 2023 deposition , an Airbnb employee testified that the company does not notify law enforcement as
504-429: A matter of practice when a complaint of a hidden camera is raised, but may contact hosts about complaints for its internal inquiries. Law enforcement experts said the company's practice could hinder criminal investigations due to suspects having time to destroy evidence. In March 2024, Airbnb announced a ban on indoor cameras for properties listed on the site, scheduled to take effect on April 30. The changes also involve
560-567: A million job opportunities in India and South Asia alone. OYO set up 26 training institutes for hospitality enthusiasts across India in 2019. In 2019, OYO and Airbnb announced a strategic partnership where OYO would list their properties in the Airbnb platform. In March 2019, OYO announced a 1400 crore investment in its India and South Asia businesses to increase infrastructure, strengthen technology and internal capability. In April 2019, OYO announced
616-577: A multi-year strategic deal was signed in September 2021. In October 2021, Oyo filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) to raise US$ 1.2 billion through an initial public offering . In January 2022, more than 500 current and former employees of OYO, purchased around 3 crore shares in the company. The total value of these shares can be approximated to about ₹ 330 crore (US$ 40 million), as per
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#1732793587569672-539: A native of Lucknow , on 7 March 2023. In 2011, Agarwal founded an Airbnb equivalent called "Oravel Stays". Agarwal's enterprise was accelerated through the Venture Nursery program in 2012, and was later one of the winners of the 2013 Thiel Fellowship , receiving a US$ 100,000 grant. The company launched as OYO Rooms in May 2013. By September 2018, the company had raised US$ 1 billion. In July 2019, it
728-899: A requirement for hosts to disclose the use of noise-decibel monitoring equipment. A CNN investigation published in July 2024 found that Airbnb "consistently fails to protect its guests despite knowing hidden cameras are a persistent concern within its industry" and that the strategies it relies on "have been aimed at preventing regulation of the short-term rental market to allow the company to distance itself from responsibility for guest safety and privacy." Many governments have passed laws requiring that Airbnb provide guest information so that local regulations can be enforced and hotel taxes are collected. Airbnb contested one such law in New York. However, in May 2019, Airbnb agreed to turn over some anonymized information for approximately 17,000 listings so that
784-434: A stay. Hosts and guests are unable to see reviews until both have submitted a review or until the time period to review has closed, a system that aims to improve accuracy and objectivity by removing fears that users will receive a negative review in retaliation if they write one. However, the truthfulness and impartiality of reviews may be adversely affected by concerns of future stays because prospective hosts may refuse to host
840-466: A strategic global distribution partnership with Hotelbeds. The company also announced two joint-venture with Softbank and Yahoo! Japan in 2019. In May 2019, OYO announced the acquisition of Amsterdam-based @Leisure Group, Europe's largest vacation rental company. In July 2019, OYO announced the acquisition of Innov8, a co-working space in New Delhi. In August 2019, Oyo made its first major investment in
896-749: A user who generally leaves negative reviews. The company's policy requires users to forego anonymity, which may also detract from users' willingness to leave negative reviews. These factors may damage the objectivity of the review system. In August 2017, Airbnb cancelled numerous bookings and closed accounts belonging to attendees of the white supremacist Unite the Right rally in Charlottesville, Virginia , citing its terms of service in which members must "accept people regardless of their race, religion , national origin, ethnicity , disability , sex, gender identity , sexual orientation, or age." The move
952-599: Is has been dubbed the "Airbnb effect". In November 2018, Airbnb announced that it would remove the approximately 200 "listings in Israeli settlements in the occupied West Bank that are at the core of the dispute between Israelis and Palestinians". However, after affected property owners filed lawsuits against Airbnb in both Israel and the United States alleging discrimination based on place of residence, in April 2019,
1008-459: Is the most well-known company for short-term housing rentals. After moving to San Francisco in October 2007, roommates and former schoolmates Brian Chesky and Joe Gebbia came up with an idea of putting an air mattress in their living room and turning it into a bed and breakfast . In February 2008, Nathan Blecharczyk , Chesky's former roommate, joined as the chief technology officer and
1064-847: The Chinese Communist Party , in particular the persecution of Uyghurs in China . These requests were ignored by the company. In 2014, linguist Mark Liberman criticized the extreme length of the legal agreements that Airbnb members are required to accept, with the site's terms of service , privacy policy , and other policies amounting to "55081 words, or about the size of a short novel, though much less readable". Hosts have been accused of circumventing tax regulations, circumventing Airbnb's background checks and subjecting guests to last-minute cancellations, moldy or rodent-infested lodging, theft, invasion of privacy, and even rape and murder, as well as bait-and-switch scams in which
1120-904: The Confederation of Hospitality, Technology and Tourism Industry (CHATT), an industry body for the tourism sector of India. In October 2021, OYO appointed paralympian Deepa Malik as an independent director on the company's board of directors. In December 2021, OYO onboarded former State Bank of India (SBI) Chairman Rajnish Kumar as its strategic group advisor. In September 2024, Oyo agreed to buy American budget motel chain Motel 6 and its hotel brand Studio 6 in an all-cash deal worth $ 525 million from Blackstone Inc. The company's current and former investors include SoftBank Group , Didi Chuxing , Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb and China Lodging Group . In September 2018, OYO raised $ 1 billion, of which
1176-679: The Federal Bureau of Investigation , in 2019 after 6 months of working. Airbnb had also been accused of allowing listings on land owned by the Xinjiang Production and Construction Corps , a Chinese state-owned paramilitary entity sanctioned under the Magnitsky Act for involvement in the persecution of Uyghurs in China . In 2019, certain hosts in China were accused of discrimination by refusing to rent to Uyghurs . After temporarily banning parties in homes rented on
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#17327935875691232-473: The hotel industry for not being subject to fair regulations. Critics have also noted how Airbnb resists sharing its listing data with regulators, often citing privacy protections as its reason for not cooperating. Several studies have found that long-term rental prices in many areas have increased because landlords have kept properties off the longer-term rental market to instead get higher rental rates for short-term housing via Airbnb. Inside Airbnb ,
1288-689: The Americas, Europe, and Asia due to the pandemic. On December 10, 2020, the company became a public company via an initial public offering , raising $ 3.5 billion. Shares valued at $ 238 million were offered to hosts on the platform at the price of $ 68 per share. In March 2022, Airbnb suspended business in Russia and Belarus due to the sanctions resulting from the Russian invasion of Ukraine . In May 2022, Airbnb ceased operations in China . The decision
1344-667: The Nordic countries, Southeast Asia, the United States, and the United Kingdom, where it had seen strong growth. Agarwal also made headlines for his prediction that spiritual tourism would become a significant driver of India’s tourism industry over the next five years. His insights were supported by data showing a 70% surge in bookings for holy destinations like Ayodhya on New Year’s Eve, surpassing popular tourist spots such as Goa and Nainital . In May 2024, OYO reported its first-ever profit after tax (PAT) of ₹ 229 crore for
1400-630: The RoC filing for the amount of $ 100 million raised from Star Virtue Investment Ltd. was made on 13 February 2019. In February 2019, OYO received $ 100 million funding from the Chinese vehicle-for-hire company, Didi Chuxing . In July 2019, Ritesh Agarwal, through RA Hospitality Holdings in Cayman Islands, signed a $ 2 billion deal to buy back shares from existing investors, Lightspeed Venture Partners and Sequoia India, to increase his stake in
1456-612: The United States by purchasing the Hooters Casino Hotel , near the Las Vegas Strip , in partnership with US-based real estate company Highgate, for $ 135 million. In September 2019, Oyo announced the acquisition of the Copenhagen-based data science firm Danamica for an disclosed amount. Danamica specialised in dynamic pricing of rental properties via machine learning models. In May 2022 OYO announced
1512-610: The acquisition of Europe-based company 'Direct Booker' with the transaction valuing the latter at around USD 5.5 million (over Rs 40 crore). Direct Booker has over 3,200 homes and serviced 20 lakh customers so far, OYO said in a statement. In April 2019, the company announced the launch of OPEN programme, an initiative for its partner hotels to help them reach their business goals. It further Introduced an upgraded Co-OYO app for hotel partners to provide complete visibility on all business & customer metrics. In June 2021, Oyo Rooms collaborated with Yatra , Airbnb , and EaseMyTrip to form
1568-433: The charges against founder. Airbnb Airbnb, Inc. ( / ˌ ɛər ˌ b iː ɛ n ˈ b iː / AIR - BEE -en- BEE ) is an American company operating an online marketplace for short-and-long-term homestays and experiences in various countries and regions. It acts as a broker and charges a commission from each booking. Airbnb was founded in 2008 by Brian Chesky , Nathan Blecharczyk , and Joe Gebbia . It
1624-646: The city could pursue illegal rentals. Similar cases were settled in Boston and Miami. Airbnb refused to provide required information to the Belgian government, claiming the obligation to provide the information was not compatible with European Union law. The Belgian Constitutional Court referred the dispute to the European Court of Justice , which in April 2022 ruled that the requirement to transmit to tax authorities certain particulars of tourist transactions
1680-637: The company announced that it would establish its European headquarters in Dublin . In November 2012, Airbnb opened an office in Sydney , its 11th office location, and announced plans to launch the service in Thailand and Indonesia . In December 2012, Airbnb opened an office in Singapore . In April 2022, Airbnb instituted a policy of unlimited remote working for almost all its employees. In April 2009,
1736-508: The company had weakened its policies against extremists and dissolved its team for removing them. Airbnb denied the allegations. Airbnb was one of the 15 leading sponsors of the 2022 Winter Olympics , held in Beijing , and was asked by human rights activists and groups to drop its sponsorship in March 2021 as part of diplomatic and activist boycotts over alleged human rights violations by
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1792-444: The company launched Airbnbmag, a magazine co-published with Hearst Communications . In February 2018, the company announced Airbnb Plus, a collection of homes that have been vetted for quality of services, comfort and design, as well as Beyond by Airbnb, which offers luxury vacation rentals. By October 2019, two million people were staying with Airbnb each night. In April 2019, Airbnb produced and financed Gay Chorus Deep South ,
1848-502: The company received $ 600,000 in seed money from Sequoia Capital , with Youniversity Ventures partners Jawed Karim , Keith Rabois , and Kevin Hartz participating. In November 2010, Greylock Partners and Sequoia Capital invested $ 7.2 million in a Series A round . In July 2011, Andreessen Horowitz , Digital Sky Technologies , General Catalyst , and A Grade Investments partners Ashton Kutcher and Guy Oseary invested $ 112 million in
1904-635: The company reversed its plans to remove listings in the West Bank and instead promised to donate any profits from these listings to non-profit organizations dedicated to humanitarian aid . According to 2020 and 2023 reports by the United Nations, the company continues to violate International Human Rights, profiting from illegal Israeli settlements in Occupied Palestinian Territories . On February 12, 2020, Airbnb
1960-475: The company to 30%. The company was valued at $ 10 billion with this deal. In October 2019, OYO raised Series F funding of $ 1.5 billion led by SoftBank Group , Lightspeed Venture Partners and Sequoia India. In July 2021, OYO closed a debt financing round of $ 660 million from global institutional investors to service existing loans. In July 2021, Microsoft expressed interest to invest in OYO before its IPO and
2016-469: The company. In April 2014, TPG Capital invested $ 450 million in the company at a valuation of $ 10 billion. Additional funding was provided by Andreessen Horowitz , Sequoia Capital , Dragoneer Investment Group , T. Rowe Price , and Sherpa Capital . In June 2015, General Atlantic , Hillhouse Capital Group , Tiger Management , Kleiner Perkins Caufield & Byers , GGV Capital , China Broadband Capital, and Horizons Ventures invested $ 1.5 billion in
2072-531: The company. In September 2016, Google Capital and Technology Crossover Ventures invested $ 555.5 million in the company at a valuation of $ 30 billion. In March 2017, Airbnb raised $ 1 billion in funding, bringing total funding raised to more than $ 3 billion and valuing the company at $ 31 billion. In April 2020, Silver Lake and Sixth Street Partners acquired $ 1 billion in shares in the company at an $ 18 billion valuation and $ 1 billion in debt at interest rates of 9%–11.5%. The key trends for Airbnb are (as at
2128-467: The day after the Capitol raid that it was banning all bookings in the region prior to the inauguration. In 2023, Airbnb was criticized by conservative media for removing the parents of Canadian far-right activist Lauren Southern from its platform. Airbnb quickly reversed its decision, saying it had been a "mistake". In May 2024, a former Airbnb contractor alleged in a whistleblower complaint that
2184-456: The easing of restrictions on U.S. businesses to operate in Cuba , Airbnb expanded to Cuba, making it one of the first U.S. companies to do so. In July 2016, former Attorney General Eric Holder was hired to help craft an anti-discrimination policy for Airbnb after reports showed that hosts were refusing to accept lodging requests from guests whose names suggested that they were black. As part of
2240-508: The financial year 2023-24, according to the company's annual report. This comes on the back of eight consecutive quarters of positive adjusted EBITDA, the company stated. OYO's adjusted EBITDA grew by 215% to reach ₹877 crore in FY24, up from ₹277 crore in FY23. Agarwal is accused of cheating OYO's co-founder, Manish Sinha, during the early period of the company. But the company denies all
2296-696: The financial year ending December 31): Regulation of short-term rentals can include requirements for hosts to have business licenses, payment of hotel taxes and compliance with building, city and zoning standards. The hotel industry has lobbied for stricter regulations on short-term home rental and in addition to government-imposed restrictions, many homeowner associations also limit short term rentals. The company has been criticized for possibly enabling increases in home rents, refusing to provide sensitive customer data to governments, and allowing listings in West Bank settlements . Airbnb has been criticized by
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2352-851: The founder and CEO of OYO Rooms . He has been a panellist on Shark Tank India (season 3) in 2024. Agarwal listed among Top 10 youngest Indian billionaires in Hurun Rich List of India 2024, with $ 225 million ( ₹ 1,900 crore) net worth Ritesh Agarwal was born in a Marwari family in Bissam Cuttack , Orissa , India and was brought up in Titilagarh . His family operated a small shop in Rayagada , Odisha . He completed his schooling at Sacred Heart School, and later at St. John's Senior Secondary School, before moving to Delhi in 2011 for college. Agarwal married Geetansha Sood,
2408-506: The framework was still in developer preview. Its developers later started utilizing Compose in production . During the COVID-19 pandemic , bookings dropped as much as 96% in some cities. However, bookings rose in many rural areas. The company pledged $ 250 million in payouts to hosts to compensate them for guest cancellations due to the pandemic. The company also laid off approximately 1,900 employees, or about 25% of its workforce in
2464-570: The guest does not receive the promised accommodation. Airbnb has noted that the number of these incidents is not statistically significant and has banned violators and associated accounts. In July 2024, CNN noted that Airbnb includes significant disclaimers on some of its policies, such as notifying users that its background checks should not be relied on to identify "all past criminal convictions or sex offender registrations … or other red flags" and that convictions for "murder, terrorism, rape or child molestation" are not automatic disqualifiers for
2520-410: The last valuation of OYO of $ 9.6 billion. In June 2024, Oyo held another round of funding, raising between $ 100 and $ 125 million. The company was valued at $ 2.5 billion, down over 70% from the previous valuation in 2019. Rooms operates the following brands for its properties and services: Ritesh Agarwal Ritesh Agarwal (born 16 November 1993) is an Indian billionaire entrepreneur and
2576-940: The platform in August 2020 due to the COVID-19 pandemic , in June 2022, Airbnb announced that it would permanently ban parties and events in homes on its platform, a position supported by hosts and their neighbors who complained of nuisances at Airbnb properties. In August 2022, Airbnb rolled out technology to enforce this ban. In October 2011, Airbnb established an office in London , its first international office. In early 2012, Airbnb opened offices in Paris , Milan , Barcelona , Copenhagen , Moscow , and São Paulo . These openings were in addition to existing offices in San Francisco, London, Hamburg , and Berlin . In September 2013,
2632-484: The previous six months. At the March 2011 South by Southwest conference, Airbnb won the "app" award. In November 2012, Airbnb launched "Neighborhoods", a travel guide of 23 cities that helps travelers choose a neighborhood in which to stay based on certain criteria and personal preferences. By October 2013, Airbnb had served 9,000,000 guests since its founding in August 2008. Nearly 250,000 listings were added in 2013. In July 2014, Airbnb revealed design revisions to
2688-460: The reform, photos of prospective guests are hidden from hosts until requests for lodging are accepted. In November 2016, Airbnb launched "experiences", whereby users can use the platform to book activities. In January 2017, along with serial entrepreneurs Gary Vaynerchuk , Ben Leventhal and Mike Montero, Airbnb led a $ 13 million investment in Resy , a restaurant reservation-booking app. In May 2017,
2744-548: The service apartment and corporate executive stay segment. It further acquired Weddingz.in, a Mumbai-based online marketplace for wedding venues and vendors, marking its entry into the fragmented $ 40-billion wedding industry. In 2019, OYO had over 17,000 employees globally, of which approximately 8000 are in India and South Asia. OYO Hotels & Homes was a full-fledged hotel chain that leases and franchises assets. The company invests in capex , hires general managers to oversee operations and customer experience, and generates around
2800-562: The site and mobile app and introduced a new logo. The logo, called the Bélo, is intended to serve as a symbol of "belonging", and consists of four elements: a head which represents people, a location icon that represents place, a heart to symbolize love, and a letter "A" to stand for the company's name. It also announced a partnership with Concur, an expense reporting service for businesses, to make it easier for business travelers to report Airbnb stays as business expenses. In April 2015, following
2856-558: The third co-founder of the new venture, which they named "AirBed & Breakfast". They put together a website that offered short-term living quarters and breakfast for those who were unable to book a hotel in the saturated market. The site Airbedandbreakfast.com was launched on August 11, 2008. The founders had their first customers in the summer of 2008, during the Industrial Design Conference held by Industrial Designers Society of America , where travelers had
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#17327935875692912-681: Was criticized by Jason Kessler , organizer of the rally. In January 2021, Airbnb was criticized for allowing participants in the January 6 attack on the United States Capitol to book units on the platform in the Washington metropolitan area , despite most hotels in the vicinity of Capitol Hill banning far-right extremists . After the possibility of further violence during the Inauguration of Joe Biden , Airbnb announced
2968-553: Was included on a list of companies operating in West Bank settlements involved in activities that "raised particular human rights concerns" published by the United Nations Human Rights Council . The company was categorized under "the provision of services and utilities supporting the maintenance and existence of settlements". Airbnb has been criticized by the hotel industry due to its competitive effects and its different regulations. This has led to
3024-410: Was made primarily because of China's Zero-COVID policy , as well as complicated and expensive laws and regulations that required Airbnb to send detailed information on guests to the government of China , which can be used to track people. Airbnb was accused of being too willing to provide this information, which led to the resignation of an Airbnb executive, who was also a former deputy director of
3080-555: Was not contrary to European Union law and referred the case back to the Belgian Constitutional Court. In March 2020, a subdistrict court ruling in the Netherlands found that Airbnb charging service fees to both the host and the guest was illegal and that the 30,000 people who had rented as guests have a right for reimbursement if they file claims. Airbnb filed countersuits in an attempt to gain clarity on
3136-485: Was reported that Agarwal purchased US$ 2 billion in shares, tripling his stake in the company. He appeared on the Forbes 30 Under 30 list for Asia. In 2023, Agarwal became the youngest "Shark" to appear on Shark Tank India . In 2024, Agarwal continued to lead OYO Rooms as it built on its success from the previous year. The company focused on expanding its presence in key international markets, particularly in
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