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Microsoft Said to Be in Advanced Talks to Tap Into Oyo at $9 Billion Valuation Before Its Potential IPO

Microsoft Said to Be in Advanced Talks to Tap Into Oyo at $9-Billion Valuation Before Its Potential IPO t222c

Oyo may shift to Microsoft's cloud services as part of the deal, as per a report. 6i96d

By Reuters | Updated: 30 July 2021 11:26 IST

Microsoft Said to Be in Advanced Talks to Tap Into Oyo at $9-Billion Valuation Before Its Potential IPO

Oyo aggregates bookings for budget hotels around the world 462f4x

Highlights

Ritesh Agarwal said that Oyo would consider a potential public offering
Oyo is one of India's largest startups
Oyo was founded by Agarwal in 2013

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Microsoft is in advanced talks to invest in Indian hotel chain Oyo at a $9-billion (roughly Rs. 66,850 crores) valuation, a source familiar with the matter said.

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.

Oyo Said to Cut About 5,000 Jobs in Overhaul to Boost Profitability

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 COVID-19 pandemic outbreak last year.

© Thomson Reuters 2021

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