California-based Airbnb Inc, the online accommodations hub, plans to raise US$1.5 billion, sending its value up to US$25.5 billion, a source close to the deal said on Saturday.
A group of US and Chinese investment funds have been involved in the discussions, which are aimed at expanding Airbnb’s offerings in Asia, according to the source, who asked not to be named.
The funds are General Atlantic, Tiger Global Management, Kleiner Perkins Caufield & Byers, GGV Capital, Horizon Ventures, Hillhouse Capital Group (高瓴資本) and China Broadband Inc (中國寬頻).
The deal could be announced as soon as this week, the source added.
It would be among the biggest corporate capital infusions by a technology firm, among the likes of VTC Uber (US$2.8 billion), China’s online giant Alibaba Group Holding Ltd (阿里巴巴) (US$1.6 billion) and Facebook Inc (US$1.5 billion) before they went public.
At US$25.5 billion, Airbnb, which does not own a single hotel, would be worth more than hotel giants Marriott International Inc (US$20.90 billion), Starwood Hotels & Resorts Worldwide Inc (US$14 billion) and Wyndham Worldwide Corp (US$10.01 billion). Hilton Worldwide Holdings Inc is valued at US$27.7 billion.
Launched in San Francisco in 2008, the home rental company has boomed to a community of more than 35 million travelers in more than 34,000 cities. Airbnb continues to clash with local authorities in cities such as New York and Paris.
Since it is not publicly traded, Airbnb does not have to publish its figures, but its sales have surged from US$250 million to US$850 million in just two years.
It takes 3 percent of the transaction fee from the property owner and between 6 and 12 percent of the transaction fee from the traveler.
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