New Delhi: US Technology Giant Microsoft has obtained strategic shares at Homegrown Hotel Chain Oyo at a price of $ 5 million, assessing a startup of around $ 9 billion before the proposed public offering (IPO).
It’s a little less than $ 10 billion the assessment of the company supported by Softbank has increased during the last funding increase in 2019.
Hit hit by a pandemic, a seven-year-old startup assessment has been cut into around $ 3 billion with one of the largest investors – Japanese Softbank.
Led by 27-year-old Agarwal Ritesha, the hotel budget chain closed the $ 660-million debt financing round in July from global institutional investors with plans to use capital to reduce the existing part of the existing debt and improve the skills of the technology.
Oyo is likely to shift to the Microsoft Cloud service after the last investment.
After the second largest hotel chain in the world 2019, Oyo’s wealth was rapidly reduced because Covid-19 crashed into the hospitality industry, resulting in firing employees and consolidating its operations.
Earlier this year, Ritesh Agarwal, founder of Oyo, said the company rose again with monthly burns of around $ 4 million throughout the business and $ 800 million in the bank.