"oyo"

OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added.

According to a TechCrunch report citing sources, a deal may close soon but the "proposed size of the investment is unclear".

The deal was upsized and increased by 10 per cent to $660 million as the company's fundamentals yielded strong interest from investors despite the virus surge.

A statement from the newly-formed body noted that the Covid-19 crisis presents a unique opportunity to collaborate on reviving the industry and only progress upwards from here on.

The support will also include term insurance payout equal to 3 times their annual pay.

The transaction was planned for 2020 and is being consummated now.

India topped the charts for OYO as the most booked country, while Delhi clocked in the most bookings across the world for it in 2020, it said in a report 'OYO Travelopedia 2020'.