Singapore’s ride-hailing start-up 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.
Newsmobile could not independently confirm the development.
Grab itself is in raising funds for expansion. In October, it raised $2 billion which included $1 billion investment by Toyota Motor Corporation.
The remaining $1 billion was invested by funds including Oppenheimer Funds, Ping An Capital, Mirae Asset’s Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners, Macquarie Capital and others.
The latest round of funding takes Grab’s total fundraising to date to $6 billion and values the Singapore-based start-up at $11 billion, according to Financial Times.