Airbnb is one of the most reputed travel companies in the world. It has been so for the longest of times now. It has spread all across the globe and is doing really well. It operates in the space of online marketplace and hospitality service. It is different from a plethora of companies in this avenue is because it offers these services online and nowhere else. It does not own any of the properties but rather acts as a broker and earns commission on every booking it does.
Airbnb has a successful business model which has reaped immense benefits across the world. However, even after achieving so much abroad, it entered India with all eyes open and made sure it had its base strong before shooting up the ladder. The company came to India in the year 2016. It has only expanded since then and the numbers are pretty good. The San Francisco-based company couldn’t have done it without any help in India. That is the reason it entered India and partnered with the largest media conglomerate, the Times Group.
With their help, it could expand rapidly, which is key when it comes to hospitality service and the online travel marketplace. That is the reason the company needed a partner. That said, since 2016, the company has about 45 thousand listings and Goa is one the most popular and best market for the company. It has over 6000 listings in Goa alone. The company has doubled its business two and a half years in India. It makes India the fastest growing foreign market of the company.
The Times Group helped the company localize its work and gain access to the deeper locations in India. This helped the American company to bring a feature called Trips and Experience. The Experience feature is where one can unravel the unique experiences in certain travel locations and this is done with the help of locals.
That said, the company has a lot of competition in the country with OYO going strong and other platforms also not doing that bad. However, Nathan Blecharczyk, the co-founder of Airbnb said that OYO is not a competition and the company does not focus on competition. He also explained that OYO is different from his company and also the company’s focus is only to build its business as of now and not worry about the competition.
He was talking at the Global Business Summit in Delhi. He said, “They’re very different business models. I think travel is a big space and there’s room for multiple players but I think if you look at what we do, it is very different from what Oyo does or anyone else for that matter. I think we each have our own approach to the market, and we each have a loyal and a sizable following.”
Nathan also focused on his company’s Plus offering. It is something which offers people with all the budgets something. The company has luxury hotels on offer and luxury packages but there is also another market for people who cannot afford that price and for them there luxury market.
He said, “We really think Airbnb can be for everyone. And we have started to focus on specific segments and customize the product for those segments right, so we have our Plus offering. We have a high-end luxury offering as well. We also have business travel now, which is doing very well in India.”