Microsoft 🤝🏻 Oyo

Quick look at everything that went down this week.

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Every day, Rise n Shine arrives in your email with curated tech and business news snippets to get your day started.

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Microsoft backs Oyo at $9.6 Bn valuation

Microsoft has invested $5 million in Indian budget hotel chain Oyo, according to a regulatory filing this week. The investment confirms a RiseNShine scoop from last month.

The US-based tech giant has invested $5 million in the SoftBank-backed hospitality firm, which is considered a strategic deal for both companies.

The new investment values Oyo at $9.6 billion, only slightly below the $10 billion implied valuation from the Indian startup’s previous financing round in 2019. The startup, which lost significant business to the pandemic, was valued at just $3 billion in recent quarters by SoftBank, one of its largest investors.

Recently, OYO announced that it will be doubling down on its tech and product teams over the next six months by hiring more than 300 technology professionals, including software developers, engineers, product managers, designers, and data scientists across entry-level to senior leadership roles.

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Here's a rundown of everything that happened this week🚄

• Ola S1 electric scooter launched at starting price of ₹99,999🛵

• Stellaris Venture Partners has raised $225 million💸

• Tech Mahindra deepens ties with Microsoft☁

• Ola wants to make electric cars too, says CEO🚘

• Bike-taxi firm Rapido raises $52 Mn🏍

• How is technology shaping personal mobility?🚙

• Blue Origin sues US govt after SpaceX wins NASA contract🌙

• Serum Institute buys 50% stake in country's largest vial maker💉

• TCS hits Rs 13 lakh crore market cap💻

• Postman overtakes BrowserStack, valuation tops $5.6 Bn📮

• Amazon backs Indian fintech Smallcase💼

• China rebukes 43 apps for breaking data transfer rules⛔

• Cars24 to raise $350 million, aims to float an IPO🚗

• Dunzo-Tata talks stuck on deal terms🤷🏻‍♂️

• Cred to enter peer-to-peer lending with user funds💪🏻

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Hot Shorts ⚡

• Japanese technology-focused staffing and services firm TechnoPro Holdings has bought Udupi-based digital transformation solutions provider Robosoft Technologies for an estimated Rs 805 crore.

• Chime Financial said on Friday it had raised $750 million in its latest funding round led by Sequoia Capital Global Equities, valuing the financial services startup at $25 billion.

• MyTVS, the auto parts and accessories subsidiary of TVS Group has raised Rs 375 crore to scale its online-to-offline business and build its cloud-based digital infrastructure.

• SleepyCat, a direct-to-consumer 'sleep solutions' brand, has raised $3.8 million in a funding round to step up its design innovation while expanding manufacturing and distribution capabilities.

• Klub, a fintech platform that provides revenue-based financing, has raised $20 million (about Rs 150 crore) from existing investors.

• Yellow Class, an education technology startup focused on extracurricular activities, has raised $6 million. The startup claims to have grown 18X in the past six months.

• Rage Coffee, an Indian craft coffee maker, has raised $5 million at a time when direct-to-consumer (D2C) brands are gaining traction among consumers and investors alike.

• Smart Express, a logistics startup, has raised Rs 100 crore in seed funding. The Mumbai-based firm plans to start operations in 30 cities at one go and set up 300 centers across India over the next three years.

• RaRa Delivery, an instant delivery startup based in Singapore, has raised $3.25 million in a funding round led by Sequoia Surge.

• Charcoal Eats, a quick-service restaurant brand, has raised Rs 1 crore in growth capital to expand its menu and spend on marketing.

• Probus Smart Things, a data analytics business, has secured $500,000 in a bridge round headed by Unicorn India Ventures.

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Have a wonderful weekend!👋🏻

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