INTERNATIONAL – 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.
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 Holdings Inc, 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.
Neither Grab nor Oyo immediately responded to Reuters’ requests for comment.
In October, reports stated that Microsoft would invest in Grab as part of a partnership that the two companies said will allow them to collaborate on technology projects, including big data and artificial intelligence.
The companies did not disclose the deal value.
Grab had earlier said it planned to raise roughly $3 billion (R44.5bn) by year-end, of which it has already raised $2 billion.Reuters