India’s largest budget lodging startup Oyo Hotels and Homes said today it plans to raise about $1.5 billion as part of a new financing round as the startup looks to expand its footprints in the U.S. and Europe.

Ritesh Agarwal, the founder and CEO of Oyo, said he will invest $700 million in the startup’s new financing round — Series F — as he looks to buy more shares in the company, which has already become one of the largest hotel chains in Asia. Existing investors SoftBank Group, Lightspeed Venture Partners, Sequoia India will also participate in the round, which would value the six-year-old startup at $10 billion.

In a statement, the 25-year-old founder said the “continued support of our investors like SoftBank Vision Fund, Lightspeed,

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