By Jason Chau

A hospitality technology platform backed by SoftBank Vision Fund plans to raise about $700 million through an initial public offering in India, joining a growing pipeline of new-age companies tapping the country's equity markets.

Oravel Stays plans to raise about 66.50 billion rupees, equivalent to $702.7 million, through the share sale, according to its draft prospectus filed with the Securities and Exchange Board of India on Tuesday.

However, it may raise up to 13.3 billion rupees through a pre-IPO placement, which would reduce the size of the share issue, it said in the filing.

The company plans to use the net proceeds from the IPO to invest in its subsidiary, Oravel Stays Singapore, and to repay certain borrowings.

The draft prospectus didn't disclose the final offer price or the number of shares to be issued.

Oravel operates the OYO brand of hotels and accommodation businesses and runs a technology-driven hospitality platform across more than 35 countries, including the U.S. and regions such as Europe and Southeast Asia.

The platform connects travelers with hotels, vacation homes and other lodging providers while offering its partners technology, branding and operational tools.

The company counts SoftBank as one of its largest investors. The Japanese company owns more than 40% of Oravel Stays on a fully diluted basis through its Vision Fund investment vehicle. Other major shareholders include Airbnb and the investment arm of Malaysia's sovereign wealth fund, Khazanah Nasional.

While Oravel is based in India, it generates most of its revenue overseas.

Still, India's hospitality market, which remains largely fragmented, is expected to be one of the world's fastest growing as the country's rapidly expanding economy and surging domestic travel demand create significant growth opportunities for Oravel, it said.

Oravel's potential listing comes as a wave of Indian companies have disclosed plans for an IPO recently, including the National Stock Exchange of India and Jio Platforms, the telecom giant owned by Indian billionaire Mukesh Ambani.

Citi and Goldman Sachs are among the bookrunners of the IPO.

Write to Jason Chau at jason.chau@wsj.com