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Grab invests $100 million in Indian hotel startup OYO
Grab, known as the Uber of Southeast Asia, was valued at around $11 billion at its last funding round in August.
Singapore-based ride-hailing firm Grab has invested $100 million in Indian hotel-reservations startup OYO, a source with knowledge of the matter told Reuters on Monday.
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 Reuters.
Grab declined to comment, while OYO did not immediately respond to Reuters` requests for comment.
The Economic Times earlier reported that Grab was in advanced talks to invest $100 million in OYO.