Grab is in talks to invest $100 million in OYO for business expansion

Grab, Singapore-based ride-hailing firm, is in advanced talks to invest $100 million in Indian hotel-reservations startup OYO. Grab is likely to finalise the deal within this week.

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

OYO had entered Indonesia in October 2018. It also confirmed an investment of more than $100 million in the country as part of its expansion in Southeast Asia.

Ritesh Agarwal, Founder and CEO, OYO, said, "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."