Microsoft seems to faucet into India's Oyo earlier than its doable IPO

FILE PHOTO: The emblem of OYO, India's largest and fastest-growing hotel chain, is seen installed on a hotel building in Fresh Delhi, India, April 3, 2019. REUTERS/Adnan Abidi

(Reuters) -Microsoft Corp is in superior talks to make investments in Indian hotel chain Oyo at a $9 billion valuation, a source conscious of the topic talked about on Thursday.

The deal might presumably also very effectively be announced in the impending weeks and might presumably be a prelude to an initial public offering (IPO) by Oyo, the source talked about.

Founder and Chief Govt Officer Ritesh Agarwal talked about earlier this month that Oyo would deem a doable public offering, but didn't provide a timeline. reut.rs/3rJvVra

The deal might presumably also objective involve Oyo provocative to make use of Microsoft's cloud services, TechCrunch reported earlier on Thursday, citing of us conscious of the topic. (tcrn.ch/2V3oWx1)

Oyo is one in all India’s largest startups. Based by Agarwal in 2013, it aggregates bookings for budget accommodations across the arena.

The hotel aggregator, whereby SoftBank Neighborhood Corp owns 46% stake and is one in all its largest bets, has persevered months of layoffs, label cuts and losses for the explanation that COVID-19 pandemic outbreak last 12 months. (reut.rs/3j3J7mI)

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

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