Microsoft to invest in Indian budget hotel chain - report

Thursday, 29. July 2021 23:04

Microsoft is looking to invest in an Indian budget hotel chain Oyo and has reached the advanced stages of talks, Tech Crunch reported on Thursday citing two sources familiar with the matter.

The pandemic crisis hit the start-up hard, slashing its valuation from $10 billion in 2019 to $3 billion earlier this year, according to SoftBank. The hospitality company also laid off thousands of employees worldwide and reportedly had its bank account shrink from $1 billion to $800 million.

The details of the size of Microsoft's investment remain unclear, but the deal may also involve shifting Oyo to using Microsoft's cloud services.

Related Links: Microsoft Corp.
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Breaking the News / LH