Tuesday, September 28, 2021
HomeUncategorizedMicrosoft looks to tap into India's Oyo before its potential IPO: Report

Microsoft looks to tap into India’s Oyo before its potential IPO: Report

[ad_1]

LONDON: Microsoft is in advanced talks to invest in Indian hotel chain Oyo at a US$9 billion valuation, a source familiar with the matter said on Thursday (Jul 29).

The deal could be announced in the coming weeks and would be a prelude to an initial public offering (IPO) by Oyo, the source said.

Founder and Chief Executive Officer Ritesh Agarwal said earlier this month that Oyo would consider a potential public offering, but did not provide a timeline.

The deal may involve Oyo shifting to use Microsoft’s cloud services, TechCrunch reported earlier on Thursday, citing people familiar with the matter.

Oyo is one of India’s largest startups. Founded by Agarwal in 2013, it aggregates bookings for budget hotels around the world.

The hotel aggregator, in which SoftBank Group Corp owns 46 per cent stake and is one of its biggest bets, has endured months of layoffs, cost cuts and losses since the COVID-19 pandemic outbreak last year.

.

[ad_2]

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular


Notice: Undefined index: widget_id in /home/newsinew/public_html/wp-content/plugins/td-composer/legacy/common/wp_booster/td_wp_booster_functions.php on line 2905