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."
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