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Microsoft invests $5mn in OYO
August 23, 2021
Worldwide tech giant Microsoft Corporation on Friday, 20 August, invested nearly $5 million (about ₹37 crore) in hotel and hospitality business OYO.
As per a PTI report, OYO has allotted five equity shares and 80 compulsory convertible cumulative preference shares (CCCPSs) on a private placement basis.
On 16 July, an extraordinary general meeting of Oravel Stays Pvt Ltd, which runs the OYO Rooms chain of hotels, approved the issue of the equity shares and Series F2 CCCPSs for “an aggregate consideration to rupee equivalent USD 4,971,650 to Microsoft Corporation on a private placement basis”, according to a Registrar of Companies (RoC) filing by the organization.
Additionally, the organization has raised about $4 billion to date from investors like Fidelity Investments, Airbnb, Citadel and more.
In March 2021, the organization raised $7 million from Hindustan Media Ventures at a valuation of $9 billion. The deal was a part of OYO’s Series F1 round. In July, OYO had announced raising Term Loan B (TLB) funding of $660 million (almost ₹4,920 crore) from worldwide institutional investors to be used for paring debt and other business investments.
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