In brief: Didi invests $100m in Oyo

Chinese ride-hailing giant Didi Chuxing has invested US$100 million in hospitality chain Oyo Hotels & Homes. The investment, which continues to value Oyo at about US$5 billion, has been made from Didi-controlled entity Star Virtue Investment, people aware of developments said.

Source: The Economic Times

The capital injection closes a US$1 billion SoftBank-led fundraise for online hotel brand Oyo, according to the Times.

Singapore-based ride-hailer Grab, which has itself been funded by Didi, also participated in the round. Its US$103 million investment in Oyo was confirmed last December.

The budget hotel chain has been undergoing rapid expansion, and has entered new markets including China and the US in recent months.