Oyo raises $5 million from Microsoft at $9.6 billion valuation

The company is aiming to transform itself to a global full-stack technology provider for small and mid-sized hotels and homes

Global travel technology firm Oyo has raised $5 million from Microsoft at a valuation of $9.6 billion, the firm said in a regulatory filing.

At the July 16 extraordinary general meeting of Oravel Stays Pvt Ltd (Oyo), the parent company of Oyo, the issue of equity shares and Series F2 compulsory convertible cumulative preference shares (Series F2 CCCPS) was approved for "an aggregate consideration amounting to the rupee equivalent of $4,971,650 to Microsoft Corporation on a private placement basis", as per a Registrar of Companies (RoC) filing.

Under the deal with technology giant Microsoft, Oyo will issue 5 equity shares