New Delhi: Microsoft Corp.
in advanced talks to invest in the chain of India Oyo hotels on assessment of $ 9 billion, a source familiar with the problem on Thursday.
The agreement can be announced in the coming weeks and will be an introduction to the initial public offering (IPO) by Oyo, the source said.
The founder and Chief Executive Officer Ritesh Agarwal said earlier this month that Oyo would consider potential public offering, but did not provide a timeline.
This agreement can involve Oyo shifting to use the Cloud Microsoft service, TechCrunch was reported earlier on Thursday, quoting people who are familiar with this problem.
Oyo is one of the biggest startups in India.
Founded by Agarwal in 2013, he collected reservations for cheap hotels throughout the world.
The hotel aggregator, where the Softbank Group Corp has 46% of the shares and is one of its biggest bets, has experienced layoff months, cutting costs and losses since the Pandemic Covid outbreak-19 years ago.