Microsoft is in advanced talks to invest in Indian hotel chain Oyo at a $9-billion (roughly Rs. 66,850 crores) valuation, a source familiar with the matter said.
The deal could be announced in the coming weeks and would be a prelude to an initial public offering (IPO) by Oyo, the source said.
Founder and Chief Executive Officer Ritesh Agarwal said earlier this month that Oyo would consider a potential public offering, but did not provide a timeline.
Oyo is one of India’s largest startups. Founded by Agarwal in 2013, it aggregates bookings for budget hotels around the world.
© Thomson Reuters 2021