A group of investors led by Japan’s SoftBank will invest around US$1 billion in Indian hospitality startup Oyo Rooms, making it the newest  member of India’s “unicorn club” (startups with a value exceeding $1 billion).

Oyo has raised $800 million in fresh funds led by SoftBank Vision Fund and has also received a commitment, largely from the Japanese investor, to raise a further $200 million. Existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital participated in the existing round, Mint newspaper reports.

Based out of Gurugram near New Delhi, Oyo operates in the budget hospitality sector and as well as India it currently has a presence in four countries – China, Malaysia, the UK and Nepal.

Oyo plans to use the capital to expand its business in established and new markets and to invest further in technology and talent.

The latest fundraising exercise is estimated to value Oyo at around US$5 billion (363 billion rupees), a fivefold increase since September last year.