Microsoft in talks to make investments in India's Oyo

The emblem of OYO, India's most engaging and quickest-rising resort chain, is seen installed on a resort building in Fresh Delhi, India, April 3, 2019. REUTERS/Adnan Abidi

July 29 (Reuters) - Microsoft Corp (MSFT.O) is in superior talks to make investments in Indian resort chain Oyo at a $9 billion valuation, a provide conscious of the matter stated on Thursday.

The deal might perhaps maybe be announced within the approaching weeks and would be a prelude to an preliminary public offering (IPO) by Oyo, the provide stated.

Founder and Chief Executive Officer Ritesh Agarwal stated earlier this month that Oyo would like in mind a possible public offering, but did now no longer provide a timeline. https://reut.rs/3rJvVra

The deal might perhaps doubtless perhaps furthermore possess Oyo bright to use Microsoft's cloud services and products, TechCrunch reported earlier on Thursday, citing folks conscious of the matter. (https://tcrn.ch/2V3oWx1)

Oyo is one among India's most engaging startups. Founded by Agarwal in 2013, it aggregates bookings for budget resorts across the enviornment.

The resort aggregator, by which SoftBank Neighborhood Corp (9984.T) owns 46% stake and is one among its most engaging bets, has continued months of layoffs, cost cuts and losses since the COVID-19 pandemic outbreak closing yr. (https://reut.rs/3j3J7mI)

Reporting by Greg Roumeliotis in Fresh York and Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli

Our Standards: The Thomson Reuters Belief Principles.

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