The deal could be announced in the coming weeks and would be
a prelude to an initial public offering (IPO) by Oyo, the source said.
Founder and chief executive officer Ritesh Agarwal said
earlier this month that Oyo would consider a potential public offering, but did
not provide a timeline.
The deal may involve Oyo shifting to use Microsoft's cloud
services, TechCrunch reported earlier on Thursday, citing people familiar with
the matter.
Oyo is one of India's largest startups. Founded by Agarwal
in 2013, it aggregates bookings for budget hotels around the world.
The hotel aggregator, in which SoftBank Group Corp owns 46%
stake and is one of its biggest bets, has endured months of layoffs, cost cuts
and losses since the Covid-19 pandemic outbreak last year.
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