Microsoft looks to tap into Oyo before its potential IPO: Report

NEW DELHI: Microsoft Corp is in advanced talks to invest in Indian hotel chain Oyo at a $9 billion valuation, a source familiar with the matter said on Thursday.

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.

The deal may involve Oyo shifting to use Microsoft’s cloud services, TechCrunch reported earlier on Thursday, citing people familiar with the matter.