The SoftBank Vision Fund, a private investment fund managed by Japan-based technology conglomerate SoftBank, has led an investment of US$1 billion in India-based hospitality chain OYO Rooms. Venture capital fund managers Sequoia Capital and Lightspeed Venture Partners and principal investment firm Greenoaks Capital also participated in the funding round. The backers have reportedly already invested US$800 million and have committed to invest the remaining US$200 million. OYO intends to use the new funding to further develop its technology, grow its team and expand globally, with US$600 million to be allocated to scaling up its China operations.