Grab Invests $100M In Indian Hotel Startup OYO: Source

0
467

The investment by Grab is part of the $1 billion fund raise OYO announced in September in a bid to grow its business in India and China, and expand into new international markets

Singapore-based ride-hailing firm Grab has invested $100 million in Indian hotel-reservations startup OYO, a source with knowledge of the matter told media sources on today. Both companies are backed by Japan’s SoftBank Group Corp.

The investment by Grab is part of the $1 billion fund raise OYO announced in September in a bid to grow its business in India and China, and expand into new international markets.

Grab’s investment takes capital raised by the fast-growing hotel room aggregator in the funding round to up to $900 million. Of this, $800 million came from SoftBank and others.

While it was not immediately clear what the funds would be used for, the deal could be similar to Grab’s technology collaboration deal with Microsoft Corp, the source said.

Grab, known as the Uber of Southeast Asia, was valued at around $11 billion at its last funding round in August, sources have told media sources. The Economic Times earlier reported that Grab was in advanced talks to invest $100 million in OYO.

Source: BW Disrupt

To Read Our Daily News Updates, Please Visit Inventiva Or Subscribe Our Newsletter & Push.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.