Business

Grab in talks to invest $137m in Indian hotels startup Oyo

Singapore-based ride hailing firm Grab is in advanced talks to invest US$100 million (S$137m) in Indian hotel-reservations startup Oyo, the Economic Times reported yesterday, citing two people briefed on the matter.

Grab is expected to close the deal in the next few days, the report said.

The proposed investment is part of Oyo's ongoing US$1 billion funding round and will be made through A1 Holdings Inc, an entity controlled by Grab, the report said.

Grab, known as the Uber of South-east Asia, was valued at around US$11 billion at its last funding round in August, sources have told Reuters.

Neither Grab nor Oyo immediately responded to Reuters' requests for comment.

Last month, Grab formed a partnership with Thailand's Kasikornbank (KBank) to start a mobile payment app.

KBank has also made a US$50m (S$69m) investment in Grab as part of its ongoing fund-raising round that has also included Toyota, Microsoft and Hyundai. - REUTERS

BUSINESS & FINANCE