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Microsoft to invest in OYO before its potential IPO
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SME Times News Bureau | 30 Jul, 2021
Satya Nadella-run Microsoft is in advanced talks to invest in
Airbnb-backed Indian budget hotel chain OYO at a valuation of $9
billion, as the hospitality chain is planning a potential initial public
offering (IPO) soon, sources said on Friday.
Reliable sources
told IANS that a deal may close soon once the due regulatory processes
are met. The size of the deal could not be ascertained.
There was no official confirmation from either Microsoft or OYO as of now.
The
Ritesh Agarwal-run hospitality chain has Airbnb, Chinese ride-hailing
giant Didi Chuxing and ride-hailing firm Grab as strategic investors.
Founder and CEO Agarwal said earlier this month that the company would consider a potential IPO soon.
The
news about the Microsoft-OYO deal surfaced after OYO announced earlier
this month that it has raised $660 million from global institutional
investors as TLB (Term Loan B).
A company statement had said that
the offer was oversubscribed by 1.7 times and the company received
commitments of close to $1 billion from leading institutional investors.
"We
are delighted by the response to OYO's maiden TLB capital raise that
was oversubscribed by leading global institutional investors. We are
thankful for the trust that they have placed in OYO's mission of
creating value for owners and operators of hotels and homes across the
globe," said Abhishek Gupta, Group Chief Financial Officer, OYO.
The
company said it will utilise these funds to retire its past debts,
strengthen the balance sheet and other business purposes including
investment in product technology, it said.
OYO is the first Indian startup to be publicly rated by Moody's and Fitch, two of the leading international rating agencies.
The Microsoft deal "may also involve OYO shifting to use its cloud services," a TechCrunch report mentioned.
OYO
has aggressively been expanding its operations to several markets
including Southeast Asia, Europe and the US in recent years.
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