Grab invests $100m in Indian hotel startup OYO

Singapore-based ride-hailing firm Grab has invested $100 million in Indian hotel-reservations startup OYO, a source with knowledge of the matter told Reuters on Monday.

Both companies are backed by Japan's SoftBank Group Corp.

The investment by Grab is part of the $1 billion fund raise OYO announced in September in a bid to grow its business in India and China, and expand into new international markets.