OYO forays into Sri Lanka

As part of its expansion plan in the South Asian market, Hospitality firm OYO has forayed into Sri Lanka.

Presently, the company is present in seven countries including India, China, Indonesia, Malaysia, Nepal, the UK and UAE.

The sources aware of the development said, "The company launched operations in Colombo, Sri Lanka, earlier last month with over 10 properties."

"The move is to strengthen the company's presence in the South Asian market," they added.

Abhinav Sinha, COO of OYO Hotels and Homes, said, "Sri Lanka, being a great tourist destination, is surely on the cards. We, however, can't confirm this at the moment. OYO continues to look for opportunities to expand its international presence."

"We are currently evaluating several markets in the Middle East, South East Asia and Europe," Sinha added.

OYO is targeting to become the world's largest hotel chain by 2023 as it expands into newer countries like the Middle East, South East Asia and Europe.