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Microsoft buys equity stake in Oxigen

Microsoft buys equity stake in Oxigen

New Delhi: Oxigen Services India Pvt Ltd, an IT-enabled multi-services platform and distributor of recharges, prepaid subscriptions and bill payments, said on 23 January that Microsoft Corp. has bought an equity stake in the company.

The collaboration is part of Microsoft’s Unlimited Potential Groups commitment to help close the digital divide by creating new products and programmes that will help bring social and economic opportunities to people who have not yet realized the benefits of technology.

"By partnering with Microsoft, Oxigen expects to expand its business rapidly in the virtual payments and distribution space using Microsoft’s Web & Mobile based technologies, as well as getting access to Microsoft’s advertising services," said Pramod Saxena, chairman and managing director, Oxigen Group.

Oxigen said in a statement it would collaborate on a preferred partnership basis with Microsoft to drive services and products in developing economies and explore new business opportunities, within and outside the country.

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