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