Singapore ride-hailing company Grab is in advanced discussions to invest USD 100 million (Rs 697.7 crore) in Oyo Hotels & Homes as part of the Indian hospitality chain’s ongoing USD 1-billion funding round.
Grab, which acquired rival Uber’s south-east Asian business in March, is expected to close the deal over the next few days, according to two people briefed on the matter.
Grab and Oyo, both of which count SoftBank as one of their primary investors, have identified Indonesia as a key market. Grab, which has been going head-to-head with Indonesia’s ride-hailing and logistics startup Go-Jek, has stated its intention of entering sectors ranging from grocery delivery to healthcare. Oyo announced the launch of its Indonesia operations in October last year.
Source: Economic Times