OYO enters UK, plans for $50 million funding

BENGALURU: After China, homegrown budget hotel chain

OYO Rooms

has now entered the UK market starting from

London

.


The company plans to invest about $50 million over the next 18 months as it plans expansion across 10 cities in the UK.

In two years, it plans to build its presence in cities like Manchester,

Birmingham

, Glasgow, and

Edinburgh

, among others. For now, it has started operations in London with four properties that offer more than 80 rooms.

“Driven by its booming domestic and international travel and budget hospitality needs, the UK presents a multibillion dollar opportunity for OYO,” said company founder and CEO, Ritesh Agarwal. In a prepared statement, OYO said its UK business will be led by British entrepreneur Jeremy Sanders, who cofounded restaurant chain Coco di Mama. OYO plans to hire additional staff for this market.