Private Equity

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Microsoft invests $5-M in hospitality chain Oyo

MyBig Plunge  

Microsoft Corporation has invested nearly USD 5 million in hospitality firm Oyo, reportedly at a valuation of USD 9.6 billion. This investment is likely to be part of a larger round that may see more infusion from Microsoft in the near future. Oyo has alloted 5 equity shares and 80 preference shares to Microsoft at an issue price of USD 58,490 per share as a part of its Series F2 round. The round is said to be a precursor to its upcoming USD 1.2 billion initial public offering. The company had raised INR 5,611 crore or around USD 800 million in March 2020 at the share price of USD 51,555.1 per share. Founded in 2013 by Ritesh Agarwal, the Gurugram-based company's valuation had dropped to USD 8 billion in August 2020 from USD 10 billion in November 2019. Oyo boasts a network of over 100,000 small hotels and home owners spread across 800 cities in 8 countries.