Grab invests $ 100 million in Indian hotel start-up OYO: source

(Reuters) – Singapore-based rideshare company Grab has invested $ 100 million in Indian hotel booking startup OYO, a source familiar with the matter told Reuters on Monday.

Both companies are backed by Japanese SoftBank Group Corp. 9984.T.

Grab’s investment is part of a billion dollar fundraiser announced in September by OYO with the aim of expanding its business in India and China and expanding into new international markets.

Grab’s investment brings the capital raised by the fast-growing hotel room aggregator in the round to $ 900 million. Of that amount, $ 800 million came from SoftBank and others.

While it wasn’t immediately clear what the funds would be used for, the deal could be similar to Grab’s tech collaboration deal here with Microsoft Corp. MSFT.O, the source said.

Grab, known as the Southeast Asian Uber, was valued at around $ 11 billion when it was last held in August, sources told Reuters.

Grab declined to comment, while OYO did not immediately respond to Reuters requests for comment.

The Economic Times reported earlier that Grab was in advanced talks to invest $ 100 million in OYO.

Reporting by Bhargav Acharya and Chris Thomas in Bengaluru and Aradhana Aravindan in Singapore; Editing by Sai Sachin Ravikumar and Rashmi Aich

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Christina A. Kroll

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