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Grab in talks to invest around USD 100 mn in OYO

Press Trust of India  |  New Delhi 

Singapore-based services provider is in discussions to invest around USD 100 million (over Rs 700 crore) in hospitality firm OYO, according to sources.

is expected to close the deal within this week, people aware of the matter said.

Both and have earmarked and as their key markets.

In October this year, said it had forayed into and also confirmed an investment of over USD 100 million in the country as part of its expansion in

"We intend to invest over USD 100 million in this high growth market and plan to expand to the top 35 cities in Indonesia, including Yogyakarta, Bandung, Bali, over the next 15 months," Founder and said earlier.

is one of the top choices for both global and Indian travellers and with OYO's market learning and expertise the company is ready to tap this opportunity, he added.

OYO also looks forward to create over 60,000 (direct and indirect) livelihood opportunities in Indonesia, Agarwal said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 15:15 IST