Microsoft in talks to invest in budget hotel chain Oyo
Microsoft is said to be in advanced discussions to invest in Indian budget hotel chain Oyo.
There is no word on the size of the potential investment although Oyo is currently valued at about $9 billion.
A deal with Microsoft would potentially see Oyo become a customer of Microsoft’s cloud services.
Reuters reported that the deal may be announced within weeks ahead of an initial public offering (IPO) planned by Oyo.
Oyo recently raised $660 million which will be used to pay off debt and for other corporate needs.
After quickly establishing itself across India, it went on a rapid expansion plan globally in Southeast Asia, the Middle East, the UK and the US, but slowed down its ambitions and was forced to downsize in several markets even before the Covid pandemic.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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