Microsoft Funds OYO Rooms

Microsoft ($MSFT@US) invested $5 million in SoftBank Group ($SFTBY@Japan) Corp-backed Indian hotel aggregator chain Oyo Rooms. The funding values Oyo at $9.6 billion. Oyo Rooms lets users book rooms via their phones or the web and navigates through the pandemic with layoffs and losses. The startup was valued at $10 billion in a funding round in July 2019, but due to the hit taken amid the pandemic, its valuation slipped to $3 billion in recent quarters as implied in a funding from Japan's Softbank, which is one of its largest investors. Last month, Oyo said it had raised $660 million in debt. Microsoft has in the past made investments in other Indian startups. The report noted that the deal might require Oyo, which is considering an initial public offering, to use Microsoft’s cloud services. Microsoft shares closed 2.08% higher at $296.77 on Thursday.