New Delhi, July 30: Microsoft is in advanced talks to invest in Airbnb-backed Indian budget hotel chain OYO at a valuation of $9 billion, according to media reports on Friday.
The deal between Microsoft and Oyo could be declared in the coming weeks. It is likely to be a precursor to the hotel chain’s IPO.
According to a TechCrunch report citing sources, a deal may close soon but the proposed size of the investment is unclear.
The Ritesh Agarwal-run hospitality chain has Airbnb, Chinese ride-hailing giant Didi Chuxing and ride-hailing firm Grab as strategic investors.
The SoftBank-backed Oyo is the largest hotel chain in India and the sixth largest globally.
OYO has aggressively been expanding its operations to several markets including Southeast Asia, Europe and the US in recent years.
OYO is the first Indian startup to be publicly rated by Moody’s and Fitch, two of the leading international rating agencies.