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.