Indian budget hotel chain Oyo may have lost a lot of business amid the pandemic, but it is inching closer to finding a new investor: Microsoft.
Microsoft is in advanced stages of talks to invest in Oyo, according to two people with knowledge of the matter. The size of the investment and the valuation are unclear.
Oyo was valued at about $10 billion in 2019, though as of earlier this year SoftBank, a major investor in Oyo, had slashed the Indian startup’s valuation to $3 billion.
Microsoft and Oyo founder and chief executive Ritesh Agarwal declined to comment Thursday evening.