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Microsoft Corp is in advanced talks to invest in Indian hotel chain Oyo at a $9 billion valuation, a source familiar with the matter said on Thursday. 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 start-ups. Founded by Agarwal in 2013, it aggregates bookings for budget hotels around the world.
Also read: OYO raises $660-mn term loan funding from global institutional investors
The hotel aggregator, in which SoftBank Group Corp owns 46% 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.
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