Technology company Microsoft is set to enter into a multi-year strategic partnership with Indian startup Oyo for the development of next-generation travel and hospitality products.
As per the announcement made on Tuesday, Microsoft has confirmed that it has made a strategic investment by buying shares of Oyo without paying the amount.
According to a lawsuit filed by a regulator last month, Microsoft is set to invest ५० 5 million in an Indian startup. As a result of the investment, Oyo’s assets were valued at Rs 9.60 billion.
The company says Oyo will go to Microsoft Azure for co-development with cloud-based needs and for the benefit of small and medium-sized hotel operators.
“As part of the partnership, Oyo will develop smart rooms on its platform to provide customized room experiences for passengers,” he said. Self check in, KYC collection and IoT based smart lock and virtual assistance will be provided through digital register of in-out using Microsoft’s Azure IoT.
In this regard, Ananta Maheshwari, President, Microsoft India, said, It’s encouraging to see Microsoft Cloud helping digital organizations like Oyo to transform and innovate the industry and turn post-epidemic challenges into opportunities. ”
Indian company Oyo has been working in Nepal by expanding its services. But due to the Kovid 19 epidemic, Nepal’s tourism sector is in trouble and Oyo’s trade is also in trouble.