Tencent eyes investment in Indian budget hotel chain Oyo

China’s Internet giant and owner of WeChat, Tencent, is in talks to lead a funding round in Indian budget hotel chain, Oyo Rooms, the Times of India reports.

According to the report, the financing round could value Oyo Rooms at over US$2 billion – more than double its previous valuation of US$850 million from a previous investment by Softbank through its Vision Fund.

If this goes through, Tencent would be the first company other than Softbank to lead a funding round in the Indian chain since 2015.

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