Indian billionaire businessman Ritesh Agarwal is the creator and CEO of OYO. India’s largest hotel chain, OYO Rooms, has 1,500 employees across 154 cities and generates $3.5 million in monthly revenue. Ritesh made world history in 2012 when, at age 25, he became the second-youngest self-made billionaire ever.
|Education||Schooling from St. John’s senior Sec School|
|Net Worth||$1.1 billion (7255 crores).|
|Award||Business World’s Young Entrepreneur Award.|
Ritesh Agarwal was raised in Titlagarh after being born in Bissam Cuttack, an Odisha town. He was raised around business because his family formerly operated a small store. After St. John’s Senior Secondary School, he relocated to Delhi to attend college but left soon after to find OYO. In 2013, he became the first Indian to be chosen for the Thiel Fellowship.
Ritesh Agarwal’s professional background: Ritesh dropped out of college and was awarded a Thiel Fellowship. He was the inaugural Asian resident to receive a Thiel Fellowship diploma.
Spending time with several American startups and investors taught him a lot. He began his business career by advertising a variety of lodgings, including small businesses and holiday cottages.
In the beginning, he had a lot of assets because the owners had become his friends. He then began to spend time with them.
He only discovered he was gazing at the incorrect rope when he had to stay in some less desirable guest homes while travelling on a tight budget. The preponderance of mid-market and economy hotels was the issue, not the scarcity of affordable lodging options.
Then he decided to use skill, technology, and design to solve that issue. After that, in 2013, he introduced Oyo, promising to provide a well-thought-out lodging experience.
Ritesh Agarwal’s Success Story
The story of Ritesh Agarwal, a dropout who became a billionaire, is quite motivating. Indian billionaire Ritesh Agarwal, who is only 25 years old, is the founder and CEO of OYO, the cheapest hotel chain in the world. He started his journey at the age of 20 and is currently on the right track to create a solution for travellers searching for low-cost lodging all over the world.
Ritesh Agarwal Started OYO
Ritesh was a tech nerd from a very young age because he began programming at 10. Travelling the world was another of his passions. He discovers as he travels throughout India that there is a demand for inexpensive hotels in India that offer good services. Unfortunately, the less expensive hotels don’t offer amenities like air conditioning, WiFi, cosy beds, or breakfast options.
He had the idea to do something about it, so he combined his passion for travel and his fixation with technology to create something helpful. He found it challenging at first because he had no experience with entrepreneurship. Still, as he developed his plan and presented it to some investors, he was awarded funding of $100,000, which enabled him to get his business venture off the ground.
OYO Rooms Journey
- 2013 saw Ritesh Agarwal chosen for the Thiel Fellowship and awarded a stipend of $100,000.
- 2014 saw the first round of investment.
- 2015 – March: $25 million in funding was received.
- The OYO app was released in April 2015, with a significant expansion.
- 2015 – July: Received $100 million in financing from SoftBank as part of series C.
- 2016 saw the hotel company open a location in Malaysia and reach 1 million check-ins.
- 2017 saw the opening of a company in Nepal.
- 2018: Became a unicorn and started operations in the UK, UAE, Dubai, China, Singapore, and Indonesia.
- In 2019, OYO added more than 330,000 rooms across 500 locations.
Ritesh Agarwal Facts
Ritesh is among the most successful business people in India, along with Vijay Shekhar Sharma, Binny Bansal, Bhavish Agarwal, and others who quickly made significant progress. These individuals all started from scratch and established vast business empires.
Here are some exciting details about Ritesh Agarwal that you might find fascinating.
- After Kylin Jenner, Ritesh Agarwal is the second self-made billionaire in the World.
- He ranks thirty in Asia, according to Forbes.
- Oyo was assessed a $200,000 fine by the US government in 2019 for operating an unlicensed business there.
- Ritesh Agarwal was the first Indian citizen to be chosen for a Thiel Fellowship.
- The family of Ritesh Agarwal is middle-class.
Awards and achievements
- First resident Asian to receive a Thiel Fellowship in 2013’s “20 Under 20” category.
- One of the 2013 TATA First Dot Awards’ Top 50 Entrepreneurs.
- In 2013, Business Insider named her one of the 8 Hottest Teenage Startup Founders in the World.
- Awarded the 2014 TiE-Lumis Entrepreneurial Excellence Award.
- Forbes “30 Under 30” in the consumer technology industry.
- Business World’s Young Entrepreneur Award.