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.
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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.
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