Grab invests US$100mil in OYO

Grab is interested in doing business with JD Central, a US$500mil e-commerce joint venture that Central launched earlier this year with China

SINGAPORE: Ride-hailing firm Grab has invested US$100mil in Indian hotel-reservations startup OYO, a source told Reuters.

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

The investment by Grab is part of the US$1bil fund that 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 US$900mil.

Of this, US$800mil came from SoftBank and others. — Reuters