Indian hotel chain operator Oyo is in discussions to raise a fresh funding round of $1 billion, which is expected to fetch it a valuation of over $4 billion.

The company is in talks with SoftBank Vision Fund and co-working giant We-Work, and a set of U.S.-based strategic investors in the travel space for funding as it looks to expand aggressively in China.

The round will add Oyo to the list of Indian unicorns, startups worth more than $1 billion.

In September last year, Oyo had raised $250 million, mostly from Japanese investment bank SoftBank Vision Fund, and other investors.