Tech giant Microsoft on Friday announced it has invested nearly $5 million (about Rs 37 crore) in hotel and hospitality business OYO. The news ends days of speculations that have been on the rounds about the deal that happened on July 16.
Under the deal, OYO will issue five equity shares of the face value of Rs 10 each for cash at an issue price of India rupee equivalent of $58,490 per equity share. Moreover, the meeting approved the issue of 80 Series F2 CCCPS of the face value of Rs 100 each for cash at an issue price of rupee equivalent of $58,490 per Series F2 CCCPS.
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The fund infusion comes at a time when OYO has been mulling to go for an initial public offering. The hotel aggregator, in which Japanese conglomerate SoftBank owns a 46 per cent stake, endured months of layoffs, cost cuts and losses during the COVID-19 pandemic.
The company has also raised about $4 billion to date from investors like Fidelity Investments, Airbnb, Citadel and more. In March 2021, the company raised $7 million from Hindustan Media Ventures at a valuation of $9 billion. The deal was a part of OYO’s Series F1 round.
