Microsoft plans to invest in Indian hotel start-up Oyo

0


Microsoft is reportedly considering investing in Indian hotel start-up Oyo, as the multinational hotel chain begins to recover from the pandemic.

The tech giant is in “advanced stages of talks” to invest in the company, valuing Oyo at around $ 9 billion, according to Techcrunch. The size of the investment is unclear, although a source told the publication that the deal could be reached as early as today.

The deal could also involve Oyo, a startup backed by Softbank, which will switch to using Microsoft’s cloud services, sources say.

In recent years, Oyo has expanded to a number of other markets including Europe, Southeast Asia and the United States. However, in March last year, the company announced it would lay off 5,000 people from its global workforce as it tries to cut expenses and improve profitability as countries around the world entire set up blockages.

At a recent virtual conference, CEO Ritesh Agarwal said the startup has between $ 780 million and $ 800 million in its bank and has reduced its “monthly burn” in its business to $ 4-5 million. Earlier this month, Oyo raised $ 660 million in funding that was to be used to match debt and other business investments, according to Commercial standard.

Last month Agarwal said CNBC that its daily bookings for the summer season have more than doubled in Europe, thanks to a high vaccination rate in the region.

Associated resource

Migrate your data infrastructure to the cloud

Find out why the most efficient path is data-driven

Free download

In May, Chinese digital retail company Hanshow announced that it would use Microsoft’s technology to expand globally, undergo digital transformation, and produce cloud-based software for customers around the world. Hanshow was poised to adopt Microsoft Azure through collaboration while prioritizing Microsoft’s technology in its products for retail customers. Hanshow said this would allow it to unify its global information systems, improve efficiency and security, and improve the company’s competitiveness.

Featured Resources

Next Generation Time Series: Predictions for the Real World, Not the Ideal World

Solve time series problems with AI

Free download

The future of productivity

Drive your business forward with Microsoft Office 365

Free download

How to plan for endpoint security against evolving cyber threats

Protect your devices, your data and your reputation

Free download

A quantitative comparison of UPS monitoring and maintenance approaches in edge environments

Efficient UPS Fleet Management

Free download


Share.

Leave A Reply