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

Microsoft looks to tap into Oyo before its potential IPO: Report
Share This :



Corp is in advanced talks to invest in Indian hotel chain 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 would consider a potential public offering, but did not provide a timeline.


The deal may involve 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 (9984.T) 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

, Microsoft looks to tap into Oyo before its potential IPO: Report, Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

Share This :