According to regulatory filings in Singapore, hospitality major OYO Hotels & Homes' Singaporean subsidiary has received a term loan of $204 million from SoftBank.

The loan is to scale and accelerate innovation across OYO's core capabilities, including proprietary technology, sales management, and data analytics, and also enhance liquidity through the pandemic and strengthening its balance sheet.

The news comes as the budget hotel brand starts to rebound from a very low booking rate during last year's lockdown, which is still visible in several ways.

The pandemic has not only disrupted Oyo's activities but has also lowered its value. In 2020, the company's value was reduced by 20 percent to $8 billion, down from $10 billion in November 2019. When it raised Rs 54 crore from Hindustan Media Projects Ltd in January 2021, the company was valued at $9 billion.

The Gurugram-based firm recently announced that its revenue per usable room in January 2021 was 90 percent higher than a year ago and that its global gross profit has exceeded that of January 2020.

While speaking to a leading portal, Ritesh Agarwal, Founder & Group CEO, OYO Hotels and Homes had stated that 2021 will be the year of OYO’s resurgence, as the company focuses on building best-in-class products and experiences for guests, partners, employees, and stakeholders.

The company is placing a greater emphasis on technology. OYO announced new hires and promotions earlier this year through its global leadership in verticals such as technology, supply, and product. Ankit Mathuria has been appointed the startup's new CTO, replacing Anil Goel, who will continue to advise OYO as an advisor.

OYO uses artificial intelligence(AI) and machine learning-driven based photography and photo editing product, OYO Frames, which solves a basic operational need. Any new hotel that boards the hospitality aggregator can use OYO Frames and request a photoshoot of its premises.