Benzinga | Sep 9, 2021 06:24AM EDT

Microsoft, SoftBank Backed OYO Collaborate For Travel Tech

* Microsoft Corp (NASDAQ:MSFT) has forged a multi-year collaboration with SoftBank Group Corp (OTC:SFTBY) (OTC:SFTBF) backed Indian hospitality startup, Oyo Hotels.

* The partnership aims to develop Microsoft Azure's cloud infrastructure and artificial intelligence-enabled new travel technologies to "benefit patrons who operate small and medium hotel and home storefronts."

* OYO will develop Smart Room experiences for travelers on the OYO platform, including self-check-in, self-Know Your Customer (KYC), along with IoT-managed smart locks, and virtual assistance.

* Oyo reached a valuation of $9.6 billion after Microsoft's investment of $5 million, Bloomberg reports. Oyo is also prepping up the IPO plan.

* Microsoft's Azure Internet of Things will power Oyo parent, Oravel Stays Pvt, digital services to streamline booking.

* Price Action: MSFT shares traded lower by 0.12% at $299.85 in the premarket session on the last check Thursday.