Latest OYO Startup Funding News-
Satya Nadella, the CEO of Microsoft, has invested $5M in OYO, an Indian budget hotel chain. After Microsoft investment its value increased to $9Billion. It also plans to soon launch an initial public offering (IPO). According to OYO's regulatory filing, Microsoft has made 37 crores of investments in OYO through the issuance of equity shares and compulsory convertible cumulative preferred shares (CCCPS). SoftBank, which is one of the largest investors in OYO, valued OYO's hotel chain at $3 billion in its most recent quarters.
You may also like: Oyo Rooms - Surviving the Pandemic
A company statement stated that the offer was 1.7 times oversubscribed and that the company received commitments from top institutional investors of $1 billion.
It stated that the company will use these funds to pay off its debts and strengthen its balance sheet. OYO is India's only startup to be publicly rated. It was also rated by Moody's or Fitch - the two most respected international rating agencies.
TechCrunch claims that OYO could also move to Microsoft's cloud services through the Microsoft deal. OYO has been expanding its operations in many markets in recent years, including Europe and Southeast Asia.
Follow Entrackr for daily updates on OYO News and Latest Startup Funding News.
No comments:
Post a Comment