OYO Rooms, an Indian hotels operator, has pulled in $1 billion from existing investors, including Japanese internet to telecommunications company Softbank Group to grow its business in India and China, and expand into new international markets.
China will account for $600 million of this newly-raised capital.
The remainder of the proceeds will be deployed to bolster OYO’s presence in India and supporting growth in its other overseas markets as well moving into other new territories. The move could value OYO at about $5 billion.
OYO's previous financing was a $250 million round last September which was led by the Softbank's Vision Fund.