Seven-year-old Oyo Hotels & Homes is in talks for a fresh funding round which could lead to the startup's valuation hitting the $10 billion mark, reported The Times of India, citing people close to the development.

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According to the sources mentioned in the report, the Gurgaon-based company is in talks with both, new as well as existing investors. Both financial and strategic investors have responded positively, the sources added.

“They are looking at a valuation of around $10 billion for the new round, for which they will hit the road next quarter," one of the sources was quoted as saying in the report.

If the deal goes through, the startup will become one among the most valuable of new generation economic ventures in the country, said the report.

Valued at around $5 billion after raising $800 million from SoftBank, Gurgaon-based Oyo will stand as the most valued startup along with Paytm if the deal works out, it added.

However, according to the report, Oyo has denied having any talks for any fresh funding round.