Ride-hailing major Grab has invested a shade over US$100 million in hospitality chain Oyo Hotels & Homes as per a regulatory filing by the Gurgaon-headquartered company with the Registrar of Companies on Thursday.
A1 Holdings Inc, a Cayman Islands-registered entity, which is controlled by Singapore-headquartered Grab, has been issued 2,884 cumulative convertible preference shares at a price of US$34,670 per share, as part of the SoftBank Vision Fund-backed Oyo’s series E equity financing round, according to the filing.
As per calculations, Grab has invested US$103.4 million in Oyo.
Rumors of Grab’s investment in the budget hotel brand and booking platform began circulating earlier this week.
The Singapore-based company has been diversifying beyond its core ride-hailing business in an effort to become an “everyday super-app” for Southeast Asia, and taking a stake in Oyo represents a significant step in that direction.
It is vying for the “super-app” title with Jakarta-based rival Go-Jek, which launched its ride-hailing service in Singapore last week.