Airbnb is on an upward slope and it might not come as a surprise to many that it has just recorded the arrival of its 500 millionth guest across one of its 6 million homes, boats, tree houses and more, according to a report by TechCrunch. The San Francisco-based company has made rapid strides in the hospitality and lodging marketplace since its inception 12 years ago.
Currently valued at $31 billion the San Francisco-headquartered business recently announced it would acquire HotelTonight in a deal reported to be worth roughly $465 million.
The long term aim of the company is to build an all in one end-to-end travel platform that would be complete in itself and would provide home sharing, hotel booking, business travel arrangements and much more on one platform. It’s like a one-stop shop for everything in the hospitality business. The acquisition of HotelTonight is a step in the right direction and it will help the company in achieving its goal of owning the peer-to-peer rental market and more. Reports also suggest that Airbnb is considering purchasing a stake in Oyo, an Indian hotel startup.
Airbnb is leading the way in the hospitality space. The company has been on an upward slope since its inception. Since 2016, the sales of Airbnb have tripled, whereas, larger hotel chains have observed a relatively lesser growth rate of just 11 percent. Airbnb’s annual sales have overtaken IHG and Hilton, and are well on their way to exceeding Marriott, which speaks volumes about the rapid strides made by the company.
All these developments point towards a bright future for the company which is planning to go public in 2019 or 2020. As of now, the company has raised nearly $4.4 billion from venture capital investors which include Andreessen Horowitz and Sequoia Capital.
Apart from welcoming the 500 millionth customer, the company has also shared the fact that its hosts have earned $65 billion from renting out spaces on the platform.