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.
The company plans to invest GBP 40 million into the UK market and looks to launch in 10 cities in UK including Manchester, Birmingham, Glasgow and Edinburgh by 2020, it added.
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.