ANL 15.34 Decreased By ▼ -0.54 (-3.4%)
ASC 13.24 Decreased By ▼ -0.26 (-1.93%)
ASL 17.60 Decreased By ▼ -0.70 (-3.83%)
BOP 8.70 Decreased By ▼ -0.18 (-2.03%)
BYCO 7.20 Decreased By ▼ -0.15 (-2.04%)
FCCL 18.44 Increased By ▲ 0.35 (1.93%)
FFBL 22.95 Decreased By ▼ -0.15 (-0.65%)
FFL 15.05 Decreased By ▼ -0.25 (-1.63%)
FNEL 7.09 Decreased By ▼ -0.02 (-0.28%)
GGGL 16.70 Decreased By ▼ -0.16 (-0.95%)
GGL 27.80 Decreased By ▼ -0.35 (-1.24%)
HUMNL 6.70 Increased By ▲ 0.06 (0.9%)
JSCL 19.25 Decreased By ▼ -0.35 (-1.79%)
KAPCO 26.70 Decreased By ▼ -0.30 (-1.11%)
KEL 3.42 Decreased By ▼ -0.01 (-0.29%)
MDTL 2.14 Decreased By ▼ -0.04 (-1.83%)
MLCF 35.30 Increased By ▲ 0.29 (0.83%)
NETSOL 101.20 Decreased By ▼ -2.55 (-2.46%)
PACE 4.11 Decreased By ▼ -0.07 (-1.67%)
PAEL 26.19 Decreased By ▼ -0.96 (-3.54%)
PIBTL 8.14 Decreased By ▼ -0.06 (-0.73%)
POWER 7.25 Increased By ▲ 0.32 (4.62%)
PRL 16.11 Decreased By ▼ -0.33 (-2.01%)
PTC 9.04 Decreased By ▼ -0.04 (-0.44%)
SILK 1.47 Decreased By ▼ -0.03 (-2%)
SNGP 39.97 Decreased By ▼ -0.78 (-1.91%)
TELE 16.55 Decreased By ▼ -0.59 (-3.44%)
TRG 126.00 Decreased By ▼ -4.36 (-3.34%)
UNITY 29.35 Decreased By ▼ -0.55 (-1.84%)
WTL 2.38 Decreased By ▼ -0.05 (-2.06%)
BR100 4,730 Decreased By ▼ -33.56 (-0.7%)
BR30 20,317 Decreased By ▼ -354.35 (-1.71%)
KSE100 45,578 Decreased By ▼ -243.04 (-0.53%)
KSE30 17,872 Decreased By ▼ -134.34 (-0.75%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,359
1524hr
Pakistan Cases
1,267,945
55224hr
1.41% positivity
Sindh
467,142
Punjab
438,818
Balochistan
33,171
Islamabad
106,655
KPK
177,349
Business & Finance

Microsoft invests $5mn in SoftBank-backed Oyo

  • The hotel aggregator, in which Japanese conglomerate SoftBank owns a 46% stake, endured months of layoffs, cost cuts and losses during the COVID-19 pandemic
Updated 20 Aug 2021

BENGALURU: Microsoft Corp has invested $5 million in SoftBank-backed Oyo, according to a regulatory filing, ahead of the Indian hotel chain's plan to go public.

Oravel Stays Pvt Ltd (Oyo) approved on July 16 the issue of equity shares and convertible cumulative preference shares amounting to rupee equivalent of $5 million to Microsoft in a private placement, according to a filing by Oyo with the Registrar of Companies.

Last month, a source familiar with the matter had told Reuters that Microsoft was in advanced talks to invest in Oyo at a $9 billion valuation.

The hotel aggregator, in which Japanese conglomerate SoftBank owns a 46% stake, endured months of layoffs, cost cuts and losses during the COVID-19 pandemic.

But with easing travel curbs and increasing vaccinations, travel demand is slowly recovering in India, with local tourism attractions witnessing a higher traffic.

Microsoft protests Amazon win of big US cloud contract

In early July, Oyo's founder and chief executive officer, Ritesh Agarwal, said the firm would consider a potential public offering, but did not provide a timeline.

India is currently witnessing an IPO frenzy. In July, food-delivery firm Zomato saw a stellar debut. Berkshire Hathaway Inc-backed Paytm and ride-hailing firm Ola, which is also backed by SoftBank, are among other Indian startups looking to enter markets.

Last week, a financial news website reported that Oyo had shortlisted JP Morgan, Kotak Mahindra Capital and Citi for a more than $1.2 billion initial share sale. Oyo did not respond to a request for comment on the report.

Comments

Comments are closed.