Mafengwo will use the capital to build a new one-stop travel service platform driven by AI and data algorithms catering to young Chinese travelers.
GTV of the in-store, hotel & travel businesses grew by 15.1% to RMB46.4 billion in the three months ended March 31, 2019.
OYO Hotels is also exploring ways to collaborate with OTAs such as Fliggy, Ctrip and others, along with other consumer traffic-building platforms.
Revenue of accommodation reservation, transportation ticketing, packaged-tour and corporate travel revenue increased by 21%, 16%, 25%, 32% separately in Q1 2019.
Major carriers such as China Southern Airlines has grounded 24 Boeing 737 MAX planes with Air China grounded 15, and Hainan Airlines grounded 11.
Border crossings have increased, but only 44% of those travellers in the last quarter of 2018 ended up beyond Hong Kong, Macau or Taiwan.
The execution of our strategies has allowed us to improve on our market share and drive strong growth rates across gross bookings, adjusted revenue and standalone hotels online room nights.
Globally, 69% of business travelers prefer to book their flights digitally rather than have human interactions.