Singapore-based ride-hailing firm Grab has invested SGD136.6 million in Indian hotel booking startup OYO, according to a Reuters report that cited sources with knowledge of the matter.
Both Grab and OYO are backed by Japan's SoftBank Group Corp.
The investment by Grab is part of the SGD1.37 billion (USD1 billion) fund raise by OYO to grow its business in India and China. The company also intends to expand into new international markets.
With Grab's investment, the capital raised by the fast-growing hotel reservation firm in the funding round is now valued at USD900 million (SGD 1229 million). Of this, $800 million came from SoftBank and others.
It was not immediately clear what the funds would be used for, said the source. At its last funding round in August, Grab was valued at around SGD 15 billion.
