Microsoft has invested ५० 5 million in Softbank-backed Oyo, according to a regulatory file. The investment comes ahead of a 9.6 billion valuation of the Indian hotel chain ahead of the public offering.
According to the company registrar, Oravel Stays Pvt Ltd (Oyo) was approved on July 16 to issue 500 million worth of shares in a private placement of equity shares and converted cumulative preference shares.
Last month, Microsoft announced it was in talks to invest 9 billion in Oyo.
Hotel Aggregator, in which Japanese group Softbank has a 46 percent stake, has been forced to endure months of vacation, cost cuts and losses due to the Kovid 19 epidemic.
In early July, Ritesh Agrawal, founder and chief executive officer of Oyo, said the firm would consider a possible public share issue but did not provide a deadline.
Oyo is one of the most valuable startups in India. It has aggressively expanded its service to many markets in recent years, including Nepal, Southeast Asia, Europe and the United States.
But the recent coronavirus epidemic has cost the company about 60 percent of its business. With agency
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