Indian Hotel-Booking Startup Oyo Raises $1 Billion to Fund Overseas Push

Oyo Hotels, an Indian startup for booking reliable rooms in the country’s chaotic lodging market, is raising $1 billion to fund expansion into China and other global regions.

Existing investors including SoftBank Vision Fund, Sequoia Capital and Lightspeed Venture Partners have put in $800 million, with commitments for another $200 million, the company said on Tuesday. About $600 million of the total will be plowed into China where Oyo began operations only 10 months ago. The funding values the startup at $5 billion, according to a person familiar with the matter who asked not to be identified because the matter is private.