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Tuesday, 29 September, 2020, 16 : 00 PM [IST]

Airbnb is extremely bullish on India, planning a long-term investment: CEO

Brian Chesky, Co-founder and CEO, Airbnb, commented at the recently held Global Business Summit that he is extremely bullish about India and his company is planning a long-term investment in the country. Chesky also spoke about the impact of the pandemic on the business. While admitting a tough run during the lockdowns across several countries, he called upon the imperatives of a business during these times.

“Though laying off people from the company is extremely difficult and sad, we tried to handle it personally and with sensitivity. Cuts had to be made very carefully ensuring they didn’t have to do it again. Employees were given healthcare for a year, severance packages etc. We are unlikely to go back to the way of traveling before the pandemic, and there is bound to be a distribution across destinations,” Brian told.

On the company’s initial public offering (IPO) plans, Chesky said that they are planning to go public when the market becomes ready for Airbnb. The company has also filed a registration statement with the US Securities and Exchange Commission (SEC).

While explaining the resilience of his own firm, Airbnb, Chesky shared, “Our focus remained on the roots of the business and since our company is capital-light and other people provide the infrastructure for the business in the form of their homes, we are now seeing good recovery.”

Mentioning the changing travel habits of people Chesky stated that people want to get out of their homes, but not necessarily in aircraft. They’d rather prefer to travel locally. According to the Airbnb CEO, over-tourism and people crowding in same destinations will reduce in the future. People prefer different modes of travel, they are exploring local places, less urban areas which hitherto accounted for 60% of the business.

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