Hospitality firm OYO strengthens international presence with UK foray; plans to invest Rs 383 crore
OYO currently has its footprint in more than 349 cities across India, China, Malaysia, Nepal, and the UK, with over exclusive 10,000 hotels in its chain.
New Delhi: Hospitality firm OYO Wednesday said it has forayed into the United Kingdom and intends to invest GBP 40 million (approximately Rs 382.93 crore) for its expansion in the country.
This is the company's first market beyond Asia, OYO said in a statement.
OYO website screengrab
The company plans to invest GBP 40 million into the UK market and looks to launch in 10 cities in the UK including Manchester, Birmingham, Glasgow and Edinburgh by 2020, it added.
Related Articles
Commenting on the development, OYO Founder and CEO Ritesh Agarwal said, "Driven by its booming domestic and international travel and budget hospitality needs, the UK presents a multi-billion dollar opportunity for OYO."
The company is thrilled to now be able to offer its affordable, hassle-free and quality living experiences to guests across the UK and to be empowering the UK independent hoteliers with the technology and operational expertise that helps them focus on customer experience and thereby generate increased, sustainable incomes, he added.
The UK business will be led by British entrepreneur Jeremy Sanders, who co-founded the British restaurant chain, Coco di Mama, the statement said.
OYO currently has its footprint in more than 349 cities across India, China, Malaysia, Nepal, and the UK, with over exclusive 10,000 hotels in its chain.
also read
Legal Revolution: In UK, rape victims’ sexual history not to be included as evidence
If the victim’s sexual history risks ‘perpetuating myths and misconceptions’ or undermine the ‘dignity’ of the victims, judges can choose not to review it as an evidence
Manchester City beat United to win FA Cup as Ilkay Gundogan scores fastest goal in final history
Manchester City completed a domestic double at Wembley and can also complete a treble by winning the Champions League.
Explained: Why Britain is experiencing more inflation than the EU and the US
The negative economic shock of Brexit, as well as the UK's reliance on its financial services sector, are factors exacerbating the country's inflationary troubles