Indian aggregator for budget hotel rooms OYO is closing another round of $90-million funding round, split into two tranches, led by its largest shareholder SoftBank. The company has already received $61 million with the rest of the money is schedule to come in soon.

The second tranche of this funding will be a mix of equity and debt, which will also largely come from existing investors led by SoftBank. Oyo is picking up $5 million in debt financing from InnoVen Capital. Its other investors include Sequoia Capital and Lightspeed Venture Capital, among others.

According to three people familiar with Oyo’s fund-raising plan, the hotel aggregator had been looking to raise $100 million.

Gurgaon-based Oyo last raised $100 million of funding in April this year from SoftBank only. Its overall valuation is close to $400 million, making it one of the top 5 startups in India. Its other investors include Sequoia Capital, Greenoaks Capital and Lightspeed Venture Capital, among others however none of these investors participated in this round of funding, according to the documents filed by Oyo with the Registrar of Companies.

OYO got its first round of funding from Venture Nursery, a Mumbai-based startup accelerator, in December 2012. Notably, Venture Nursery has cashed out of the startup amid differences which cropped up between the startup accelerator and the Oyo last year. Venture Nursery held around 2% stake in Oyo, which it has exited netting Rs 60 crore in a secondary sale of shares. It had put Rs 2530 lakh in the startup's first avatar Oravel Stays -an Airbnb clone -between 2012-13.

SoftBank as an investors proved as boon for Indian start-ups since 2014, backing e-commerce platform Snapdeal, ride-hailing service Ola and real estate website Housing.

Between October and December 2014, SoftBank invested about $1 billion in these three companies and committed another $10 billion to India in the next 10 years. The company subsequently invested in Snapdeal, Ola and Oyo in 2015.

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