Hospitality firm Oyo has raised $100 million from Cayman Islands-based A1 Holding Inc, an entity controlled by Singapore’s ride hailing firm Grab, according to data sourced by business intelligence firm Tofler.
Last month, Moneycontrol reported that Oyo, which raised $800 million in a round led by SoftBank in September, would raise another $200 million in December.
The company did not immediately respond to email.
However in an interaction with Moneycontrol last month, founder Ritesh Agarwal had said that the fresh funding was to come from new investors. The company is yet to raise another $100 million.
It has been in talks with companies such as WeWork and Didi Chuxing. Interestingly, all the three firms — WeWork, Didi Chuxing and Grab have investments from Oyo’s existing investor Softbank.
Oyo has been aggressively expanding in foreign markets. Investment by Grab will give it the much needed support to make a mark in Southeast Asian countries.
Going forward the company plans to aggressively focus on two core markets, India and China.
Launched in May 2013, by Ritesh Agarwal, Oyo used to aggregate select rooms across hotels and offer them on its website.
However, it later pivoted to a franchisee model, under which it offers customers rooms from exclusive properties that have either been leased by Oyo or are run on a revenue-share basis.
It runs multiple properties across categories including economy, mid-scale, and upper mid-scale properties. It recently entered into luxury resort range under the brand name Palette.
