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Microsoft looks to invest in OYO before IPO
July 30, 2021
IT giant Microsoft is in talks to invest into online hotel chain Oyo at a $9 billion valuation before Oyo’s IPO. The deal between Microsoft and Oyo could be declared in the coming weeks and is likely going to be a precursor to the hotel chain’s IPO.
In case the deal is materialized, Oyo may likewise use Microsoft’s cloud services. Oyo author and CEO Ritesh Agarwal said that the Gurgaon-headquartered organization is reflecting on a likely public offering yet he didn’t provide a deadline, Reuters revealed.
The SoftBank-upheld Oyo is the biggest hotel network in India and 6th biggest universally. Established by Ritesh Agarwal in 2013, it totals bookings for budget hotels around the globe. Oyo is available in more than 415 Indian cities with 18,000 properties in India. It has more than 1 million rooms around the world and more than 23,000 exclusive hotels across 800 cities.
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