Airbnb makes Rs 1.75 Cr in profits despite 7.41 pc drop in revenues this fiscal
Founded in 2008, San Francisco-based accommodation marketplace Airbnb released its financial numbers recently on the regulatory filings.
The startup reported a loss of Rs 2 lakh in FY 2017 and made a profit of Rs 2.07 crore in FY 2018. This fiscal, the startup has reported a profit of Rs 1.75 crore.
Airbnb also reported 7.41 percent decline in revenues and made Rs 32.36 crore this year, compared to Rs 34.76 crore last year.
Talking about total expenses, the startup's India arm spent Rs 29.41 crore in the 2019 fiscal, and Rs 31.82 crore in fiscal 2018.
The Indian arm of the US-based startup is one of the few ecommerce companies that is profitable. After selling its common stocks at a price that took the valuation to $35 billion, Airbnb, one of the world’s most valued startups, is now reportedly valued at more than $38 billion.
On a global level, the host and guest communities of Airbnb have cumulatively generated more than $100 billion in estimated direct economic impact across 30 countries in 2018. The company also added that its Indian customers spent $61 on a daily basis, while the total estimated guest spends for the year 2018 were clocked at approximately $120 million.
Founded in 2008, Airbnb offers access to over six million unique places to stay, in nearly 100,000 cities in 191 countries. It also offers access to local communities and interests through more than 30,000 activities run by hosts across over 1,000 markets around the world.
With Airbnb Experiences, it offers access to local communities and interests through more than 30,000 unique, handcrafted activities run by hosts across more than 1,000 markets around the world.
In other news, Airbnb took participation in Indian hotel aggregator OYO's Series E funding round when the latter raised $1 billion in April this year. Following this development, both the startups were reported to be working on different projects, besides making OYO listings available on Airbnb.
(Edited by Megha Reddy)