Grab in talks to invest around USD 100 mn in OYO

Singapore-based transportation services provider Grab is in discussions to invest around USD 100 million (over Rs 700 crore) in hospitality firm OYO, according to sources.

Grab in talks to invest around USD 100 mn in OYO
Singapore-based transportation services provider Grab is in discussions to invest around USD 100 million (over Rs 700 crore) in hospitality firm OYO. Image source: Reuters
Written By: PTI
Updated: Mon, Dec 03, 2018
07:55 pm
PTI
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Singapore-based transportation services provider Grab is in discussions to invest around USD 100 million (over Rs 700 crore) in hospitality firm OYO, according to sources. Grab is expected to close the deal within this week, people aware of the matter said.

Both OYO and Grab have earmarked Indonesia and Southeast Asia as their key markets.

In October this year, OYO said it had forayed into Indonesia and also confirmed an investment of over USD 100 million in the country as part of its expansion in Southeast Asia.

"We intend to invest over USD 100 million in this high growth market and plan to expand to the top 35 cities in Indonesia, including Yogyakarta, Bandung, Bali, over the next 15 months," OYO Founder and CEO Ritesh Agarwal said earlier.

Indonesia is one of the top choices for both global and Indian travellers and with OYO's market learning and expertise the company is ready to tap this opportunity, he added.

OYO also looks forward to create over 60,000 (direct and indirect) livelihood opportunities in Indonesia, Agarwal said.