Soon after raising over $1 billion, hospitality firm Oyo is already in talks to raise its next round of funding which will potentially take its valuation to $12-12.5 billion, according to a person briefed on the matter.
While the company is in talks with new investors, it is learnt that Softbank will put in a large chunk of the sum and will also buy out stakes of many of the existing investors of the company.
The round which is expected to be in the range of $1-1.5 billion is likely to massively increase the shareholding of Softbank in the company.
Oyo has, however, denied the development. In a statement issued to Moneycontrol, a spokesperson said: “This is a speculation. Oyo Hotels & Homes has a very healthy balance sheet and we are not in talks with any investors. We don’t have any further comments."