Hospitality firm OYO has raised $5 million in a strategic round from global technology firm Microsoft Corporation at a valuation of $9.6 billion, according to regulatory filings. MoneyControl had previously reported that the company was raising a strategic investment from Microsoft at a valuation of approximately $9 billion as of July 30.
This information has come at a time when the company is increasing its tech focus in a big way. The travel technology player is poised to offer multiple innovations and is committed to invest in technology with the aim of optimizing revenue for hoteliers while improving the user experience for customers.
On August 19, the company also announced plans to hire more than 300 technology professionals, including software development, engineering, product managers, designers, data scientists from entry-level to senior leadership roles.
The expanded design, product and engineering teams will be responsible for building long-term capability for OYO from the outset and updating the current tech stack.
OYO has a technology stack of over 50 products and 500 microservices, including its consumer and partner apps such as OYO, OYO OS, Co-OYO. As well as many applications led by artificial intelligence, machine learning and analytics such as a dynamic pricing app called Tariff Manager.
The company claims to be the third most downloaded travel app globally. The company is also gearing up for an initial public offering and has shortlisted investment banks JP Morgan, Kotak Mahindra Capital and Citi.
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