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Microsoft in talks to back India’s Oyo

Indian budget hotel chain Oyo may have lost a significant portion of its 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 SoftBank, a major investor in Oyo, had slashed the Indian startup’s valuation to $3 billion earlier this year.
The deal may also involve Oyo shifting to use Microsoft’s cloud services, one of the people said. Both the sources requested anonymity as the matter is private.
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