Indian hospitality company Oyo Hotels & Homes is seeking to secure $1 billion in a new financing round.

Oyo Hotels & Homes noted that the company would use the fresh funds to boost its presence in India and overseas.

The new capital, expected to come from new and existing investors, is anticipated to value Oyo Hotels & Homes at $10 billion.

OYO, which has so far raised about $1.7 billion in funding to date, expects to secure the new capital in the next quarter.