May 20，Reportedly，Indian hotel startup 188bet app is seeking 0 million in debt financing，To support its financial position。Affected by the new round of COVID-19 epidemic，Significant drop in travel demand，Thus affecting 188bet app’s recovery process。

Informed sources said today，188bet app Board of Directors at its meetings on Wednesday and Thursday，Approved this institutional term loan program。

188bet app is one of the larger startups in SoftBank Group’s portfolio，Its rapid global expansion is supported and promoted by SoftBank Group founder Masayoshi Son。Although 188bet app’s recent valuation has reached US billion，But after the epidemic hit the tourism industry，188bet app’s business is almost collapsing。

March this year，188bet app founder Ritesh Agarwal also said，188bet app India business is growing，Gross profit in January this year was the same as a year ago。At that time，188bet app has not been affected by the epidemic yet。But since then，The epidemic in India begins to intensify，Causing tens of millions of infections，Destroying hopes for a rebound in tourism。

Informed sources said，188bet app’s loan is also called “Term Loan B” (TLB)，Open to institutional investors for two weeks，Application deadline is June 2nd。188bet app will hold a loan conference call on May 21，JP Morgan is arranging the deal。

This five-year loan financing，Making 188bet app the first “unicorn” company in India to seek funding from foreign institutional investors。People familiar with the matter also said，The person seeking the loan this time will be 188bet app’s Singaporean entity，Dutch and UK entities may also act as borrowers。

An 188bet app representative declined to comment.

Informed sources said，188bet app aims to borrow money at lower interest rates，To repay existing high-interest loans。Except 188bet app，A number of well-known startups such as Grab and Airbnb are also using institutional loans to shore up their balance sheets。

188bet app has transferred from SoftBank、Raised venture capital from investors including Greenoaks Capital and LightSpeed ​​India。188bet app’s latest valuation，Making it the third most valuable startup in India，After education technology provider Byju’s and digital payments company Paytm。

*thisTextComeSource: Sina Technology, original title:《Affected by the new round of epidemic, Indian hotel chain 188bet app plans to raise US0 million》.