Singapore-based technology company, GrabTaxi Holdings Pte. Ltd. that offers ride-hailing, food delivery service through its app is in advanced discussions to invest $100 million (Rs 697.7 crore) in Indian hospitality chain OYO Hotels & Homes.
The proposed investment is expected to be made through A1 Holdings Inc., an entity controlled by Grab, is a part of the OYO’s ongoing $1billion funding round.
Notably, in March, Grab acquired the south-east Asian proceedings of its rival Uber.
Earlier this year in September, OYO raised $800 million in funding, led by SoftBank Vision Fund, along with existing investors Lightspeed India Partners, Sequoia Capital, and Greenoaks Capital. The company also received a $200 million in funding from undisclosed investors.
On October last year, Oyo announced the launch of its Indonesia operations. At the time, the firm started with 30 full-inventory franchised and operated exclusive hotels and over 1,000 rooms in Jakarta, Surabaya, and Palembang.
According to a report by Bloomberg, Grab, which has been going head-to-head with Indonesia’s ride-hailing and logistics startup Go-Jek, has stated its intention of entering sectors ranging from grocery delivery to healthcare.
This new funding round is expected to value OYO Hotels & Homes at $5 billion.
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