Hotel aggregator Oyo Rooms is in talks with SoftBank to raise about USD 300-500 million in what could be the biggest financing in startups since November 2015. A successful fund raise may value Oyo Rooms at USD 1.2 billion and propel it into the unicorn club where Flipkart and Paytm are present.

Existing and new investors may take part in the fundraising round, where Oyo is getting a pre-money valuation of USD 700-750 million, an official privy to the developments told The Economic Times.

SoftBank will likely hold over a 50 percent stake in Oyo Rooms if the deal is successful, the paper reported quoting three persons withholding their identities. Over 2015 and 2016, SoftBank had invested USD 120 million for over 25 percent stake in Oyo Rooms.

The funding from the Masayoshi Son-led company will come through SoftBank Vision Fund — USD 100 billion fund which has investments from Saudi Arabia’s sovereign wealth fund and Apple.

Oyo Rooms founder Ritesh Agarwal refrained from commenting to ET’s queries on the funding and future investments. SoftBank told the paper, “We do not comment on speculation.”