Indian hospitality start-up chain Oyo Hotels & Homes has raised ₹540m ($7.4m) in a Series F1 funding round.

The latest funding round was led by Hindustan Media Ventures, reported the Press Trust of India (PTI).

According to a regulatory filing, Hindustan Media Ventures subscribed to Oyo’s 125 Series F1 Compulsory Convertible Cumulative Preference Shares (Series F1 CCCPS).

Oyo operates more than 18,000 franchised and leased hotels and over 10,000 homes and villas, in countries including India, China, Malaysia, the UK, the UAE, Indonesia and more.

The company investors include, SoftBank, Singaporean ride-hailing company Grab, home-rental start-up Airbnb, Lightspeed Venture Partners, Sequoia Capital and Greenoaks Capital.

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In a separate development, Oyo announced that it has launched Equal Partner Policy (EPP), an initiative to boost trust and enhance transparency in the asset owner community.

Oyo India & South Asia chief executive officer Rohit Kapoor said: “We’re excited to take our relationship with our asset owner community to the next level with the launch of the second edition of Club Red under our Equal Partner Policy.

“The programme is customised to our asset owners’ needs and takes into account the uniqueness each partner brings.

“Our owners are the backbone of our business and we are confident that we will continue delivering value to them with complete dedication as we drive Oyo’s resurgence in 2021, which will also fuel the recovery of the hospitality industry.”