Singapore-based ride-hailing company GrabTaxi Holdings Pte Ltd has announced a USD100 million investment in Indias budget hotel chain company, OYO Hotels & Homes.
With a common major investor Japan-based Softbank Group Corp., both companies are expected to benefit from the investment, as it enables OYO to scale faster in Southeast Asia with Grabs existing presence while benefitting Grab as guests of Oyo and Oyos booking platform will utilize GrabPay.
Currently, OYO is present in seven countries including India, China, Indonesia, Malaysia, Nepal, UK, and the UAE. In Indonesia, OYO plans to expand its operations of over 30 exclusive hotels and 1,000 rooms in Jakarta, Surabaya and Palembang, to the top 35 cities, including Yogyakarta, Bandung and Bali over the next 15 months.
Founded in 2013, the OYO aims to become the worlds largest hotel chain by 2023, with further expansion in the Middle East, South East Asia and Europe.
www.hvs.com
