Companies

Grab in talks to invest around $100 mn in OYO

PTI New Delhi | Updated on December 03, 2018

OYO said it had forayed into Indonesia and also confirmed an investment of over $100 million in the country

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

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

Grab is expected to close the deal within this week, sources 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 $100 million in the country as part of its expansion in Southeast Asia.

“We intend to invest over $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.

He added that Indonesia is one of the top choices for both global and Indian travellers. With OYO’s market learning and expertise the company is ready to tap this opportunity

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

Published on December 03, 2018

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