New Delhi (CNN Business) The founder of India's biggest hotel chain is pumping $2 billion into his own company, upping his stake in the business and making it India's second-most valuable startup.

round, with existing investors including Japan's SoftBank SFTBF Ritesh Agarwal will invest $700 million into OYO as part of the company's new $1.5 billion fundraisinground, with existing investors including Japan'sputting in the rest, OYO said in a statement Monday. He's also buying $1.3 billion worth of existing shares from early investors Lightspeed Venture Partners and Sequoia Capital, with support from "banks and financial partners," a spokesperson said.

Agarwal, 25, founded OYO in 2013, taking over the operations of budget hotels across India and rebranding and renovating them for a fee or revenue share. The company quickly became the dominant player in India's hospitality industry and has now set its sights on an ambitious global expansion.

Ritesh Agarwal founded OYO in 2013.

The latest investment takes Agarwal's stake to 30% and values OYO at $10 billion, according to a person familiar with the matter. That makes it India's second-largest startup after digital payments company Paytm , which also counts SoftBank as one of its biggest investors and is currently valued at around $15 billion.

"We truly believe that we will be able to build a truly global brand out of India, while ensuring that the business is run efficiently and with a clear path to profitability," Agarwal said in a statement.