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Oyo was looking to raise Rs.413 crore through a proposed rights issue of shares to its existing shareholders, Mintreported on 8 July, citing documents filed with the Registrar of Companies. The company was also looking to buy back shares from existing investors for around Rs.60 crore, the documents said, without revealing the names of the stakeholders.

SoftBank, along with several growth-stage funds such as Tiger Global Management, DST Global, Falcon Edge Capital and Steadview Capital, among others, have scaled down investments in India this year amid concerns about the valuations of start-ups.

n the last few months, Oyo has expanded its focus from its core of budget hotel aggregation to offering holiday packages encompassing transportation, other assisted services and local activities.

The company has also started leasing properties under a programme called Oyo Flagship, which allows the company complete control over day-to-day operations at these establishments, which in turn improves customer experience.

This was a departure from Oyo’s earlier strategy of booking a part of hotels’ inventory and holding it captive for Oyo customers.

Oyo claims to operate in more than 170 Indian cities. The company currently claims to have 68,300 rooms across 5,855 partner hotels in India and aims to triple inventory by the end of 2016.