Microsoft is in superior talks to spend money on Indian lodge chain Oyo at a $9-billion (roughly Rs. 66,850 crores) valuation, a supply conversant in the matter stated.
The deal may very well be introduced within the coming weeks and can be a prelude to an preliminary public providing (IPO) by Oyo, the supply stated.
Founder and Chief Govt Officer Ritesh Agarwal stated earlier this month that Oyo would contemplate a possible public providing, however didn’t present a timeline.
The deal might contain Oyo shifting to make use of Microsoft’s cloud companies, TechCrunch reported earlier on Thursday, citing folks conversant in the matter.
Oyo is one in every of India’s largest startups. Based by Agarwal in 2013, it aggregates bookings for funds lodges all over the world.
The lodge aggregator, wherein SoftBank Group owns 46 % stake and is one in every of its greatest bets, has endured months of layoffs, price cuts and losses for the reason that COVID-19 pandemic outbreak final yr.
© Thomson Reuters 2021