Indian budget hotel aggregator OYO Rooms is close to raising fresh funding of about $400 million from Chinese internet giant Tencent.
The funding will likely to value OYO at $2 billion, which is almost double the valuation of $850 million from SoftBank’s Vision Fund.
OYO has also held talks with other Chinese companies and a few financial investors for the funding.
If the funding goes through, it will be the first round of financing not led by SoftBank.