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Grab invests $100 million in Indian hotel startup OYO: source


By Shah

(Reuters) - Singapore-based ride-hailing firm has invested $100 million in Indian hotel-reservations startup OYO, a source with knowledge of the matter told on Monday.

Both companies are backed by Japan's SoftBank Group Corp.

The investment by is part of the $1 billion fund raise announced in September in a bid to grow its business in 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 of Southeast Asia, was valued at around $11 billion at its last funding round in August, sources have told

declined to comment, while did not immediately respond to Reuters' requests for comment.

earlier reported that Grab was in advanced talks to invest $100 million in

(Reporting by and in Bengaluru and Aradhana Aravindan in Singapore; Editing by and Rashmi Aich)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, December 03 2018. 14:55 IST