OYO Eyeing Funds from Tencent, May Raise the Valuation to $2 Billion
Tencent, one of the leading internet players of China is eyeing to lead a fresh funding round and back hotel chain OYO with $300-500 million.
According to the reports, this particular funding round will likely value the company at $2 billion which is almost double the valuation of $850 million from SoftBank's Vision Fund.
"The company is engaged with Tencent, and a term sheet is likely There’s a bunch of other investors also in talks, but those are preliminary at the moment. The fundraise is largely to grow the China business," a person familiar to the matter said.
Apart from Tencent, the Gurugram-based hotel chain has also talked with other Chinese companies and a few financial investors to participate in the funding round.
If the funding is confirmed, it will be the first-ever fu...