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
you may also like to read about: Lal Bahadur Rajwar, Danda Singh, Santa Bahadur, and listen to popular Hindi music of the best singers, and watch movies based on love stories do you also want to play games on iOS, after you get tired and sleepy you can listen and watch to the healing mediation music for deep sleep and relaxation videos in Rajawar mediation music and videos of chicks, hen, dog, and chicken friendship. after visiting natural places on the screen you can take pictures and reduce their size by using the Image Compressor tool the best tool available online to compress images, age calculator, English to Nepali, generate fancy text or fancy text generator to make your text look unique can attract your friends. you can capture the image file and convert them from PNG to JPEG converter online and also image to webp for the smaller size. to share these pictures online you have to use WhatsApp messaging service by downloading WhatsApp software. you can use typing master online to speed up your typing skills. you can convert unit from the unit converter. you can also download youtube thumbnails from a youtube thumbnail downloader. you can look at the Nepali calendar for celebration or festival dates. you can also recover your old photos and videos through CD DVD Recovery Toolbox Software for free and you can share them by posting them to your blogs and websites hosted on the best web hosting platforms or service providers in the world.