Microsoft in talks to back India’s Oyo

Indian budget hotel chain Oyo may have lost a significant portion of its business to the pandemic, but it is inching closer to finding a new investor: Microsoft.

Microsoft is in advanced stages of talks to invest in Oyo, valuing the Indian startup at about $9 billion, according to people with knowledge of the matter. The proposed size of the investment is unclear. A deal may close as soon as Friday, one source said.

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 in recent quarters.

The proposed deal may also involve Oyo shifting to use

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