Inspiring Success Story of Ritesh Agarwal
Mr. Ritesh Agarwal was born in a business family on 16
November 1993 in Bissam Cuttack, in the state of Odisha, and brought up in
Titilagarh. He is the founder of OYO (on your own Rooms) and the second-youngest billionaire in India.
Table of Content
Mr. Ritesh Agrawal Education
Ritesh Agrawal studied at St. John's Senior Secondary School
after which he moved to Delhi for college in 2011. Ritesh Agrawal was
interested in becoming an entrepreneur when he was 8 to 10.
He was interested in Travelling and Staying in different
places. At the time of class 11-12, he was attending different Entrepreneur Events
for free and paid.
In 2013, Mr. Ritesh dropped out of college and started her
entrepreneurial journey. He began selling SIM cards at the age of 13 and won
the Thiel Fellowship Program 2013, a two-year program established by Peter
Theil, founder of PayPal and early investor of Facebook.
Journey Started for OYO business
At that time when Mr. Ritesh was traveling to many places, he understood that there are many rooms and restaurants where the customer was not
coming and even don’t know about the rooms and restaurants by tourists.
Mr. Ritesh has an idea that if they will start his own business
for tourists and Rooms and Restaurants. By utilizing his own coding skills, he
started his own business Oravel Stays, an Indian first marketplace where
different types of accommodation are available, including Villas, Service
Apartments, Bed & Breakfasts, and other facilities.
Then he started traveling and getting more insight
into the hotel industry, at that time he dropped out of college to focus on his
start-up, and then he got an opportunity to join the Venture Nursery
Accelerator program in September 2012.
Mr. Ritesh Oravel was a budget accommodation portal
for booking budget hotels, so he abandoned the idea and launched OYO Rooms in
May 2013.
He understood how to proceed after changing the business name
and idea. In order to do this, he traveled to Gurgaon and partnered with the
hotel owner for 3 to 4 months. Mr. Ritesh took the entire risk, and he will
split the profits 50-50 if there is a profit, so the partnership will continue.
After this Mr. Ritesh has generated 90% of the sales growth of the hotel and the hotel
owner was surprised with Mr. Ritesh's work.
Ritesh received a grant of $100,000. He is the
first Asian to receive the Thiel Fellowship. He began his entrepreneurial
career at age 17.
Now Mr. Ritesh is searching in Linkedin for
employees who are interested in his business idea. He then found Abhinav Sinha
and Anuj.
In 2014, he joined many members of the largest
hotel chain system in Gurgaon.
Now he was focusing on all India's largest hotel
chains. In 2014, OYO Rooms raised 14 crores. From DSG Consumer and 4Cr From
Light Speed Venture.
The current Net worth of Ritesh Agrawal is 612.1
million rich in 2021. Ritesh Agrawal is the youngest billionaire and 2nd
Youngest billionaire in India
OYO's current valuation is around 9 billion (Rs
66,700 crores). It has 80000 rooms and 10000 hotels in 2021 across 300 towns in
India.
Globally, the startup has thousands of hotels, vacation homes, and millions of rooms across over 80 nations, including India, Malaysia, UAE, Nepal, China, Brazil, Mexico, United Kingdom, Philippines, Japan, Saudi Arabia, Sri Lanka, Indonesia, Vietnam, and the United States.
Ritesh Agrawal & OYO Achievements.
- BusinessWorld Young Entrepreneur Award.
- TIE Lumis Business Excellence Awards.
- India InternationalTravel Mart Award.
- Lufthansa ET Now Runway to Success Award.
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