Indian hotel chain Oyo appoints new boss in UK
Oyo has announced that Rishabh Gupta will be the new head of its UK operations, as the fast-growing Indian hotel chain looks to expand its offering in the country.
Gupta will replace current UK director Jeremy Sanders, who is leaving the company to spend more time with his family. Gupta previously headed the Indonesian division of Oyo.
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Founded by Ritesh Agarwal in 2013, Oyo has secured $ 1.7 billion (£ 1.3 billion) in funding from investors, including Softbank’s Vision Fund and Airbnb.
Oyo claims to be the third largest hotel chain in the world by number of rooms and aims to be the largest by 2023.
The tech-driven chain, which focuses on budget hotels, has built a portfolio of 200 hotels in the UK over the past year, with 5,000 rooms in 50 cities.
Softbank led a $ 1 billion fundraiser in Oyo in September last year, which valued the company at $ 5 billion.
The chain secured its first major international acquisition in May, buying Dutch property management company @Leisure for € 369.5 million.
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“We are sad to say goodbye to Jeremy after an exciting year of expansion in the UK,” said a spokesperson for Oyo.
“Under Rishabh’s leadership, we look forward to continuing Oyo’s growth in the UK in 2020 and for the long term,” they said.