Grab in talks to invest $100 million in Indian hotels startup Oyo
The proposed investment is part of Oyo’s ongoing $1 billion funding round
A Grab motorbike helmet is displayed during Grab's fifth anniversary news conference in Singapore June 6, 2017. PHOTO: REUTERS
Singapore-based ride-hailing firm Grab is in advanced talks to invest $100 million in Indian hotel-reservations startup Oyo, the Economic Times reported on Monday, citing two people briefed on the matter.
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Grab is expected to close the deal in the next few days, the report said.
The proposed investment is part of Oyo’s ongoing $1 billion funding round and will be made through A1, an entity controlled by Grab, the report said.
Grab, known as the Uber of Southeast Asia, was valued at around $11 billion at its last funding round in August, sources have told Reuters.
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Neither Grab nor Oyo immediately responded to Reuters’ requests for comment.
Singapore competition watchdog fines Grab, Uber $9.5 million over merger
Grab is expected to close the deal in the next few days, the report said.
The proposed investment is part of Oyo’s ongoing $1 billion funding round and will be made through A1, an entity controlled by Grab, the report said.
Grab, known as the Uber of Southeast Asia, was valued at around $11 billion at its last funding round in August, sources have told Reuters.
Uber launches taxi-hailing app in Japan's Nagoya
Neither Grab nor Oyo immediately responded to Reuters’ requests for comment.