Who is Ritesh Agarwal?
Ritesh Aggarwal is the CEO and Founder of OYO Rooms, who started his first startup at the age of 17, making OYO the third largest hospitality chain in the world. Ritesh Aggarwal became the world’s second-youngest self-made billionaire. Today we will know Ritesh Agarwal Biography, Ritesh Agarwal story, his struggle, and the OYO Success story.
Ritesh Agarwal Biography
|Born – 16 November 1993 ( in Bissam Cuttack, Odisha )|
|Ritesh Agarwal Age – 27 Years|
|Ritesh Agarwal Net Worth – $1.1 Billion ( 2020 )|
|Awards – Thiel Fellowship|
|Nationality – Indian|
|Family – Not Known|
|Education – College Dropout|
|Known as – CEO & Founder of OYO Rooms|
Ritesh Agarwal Biography
Ritesh Agarwal’s early life
Ritesh Aggarwal was born in a middle-class family on 16 November 1993 in Bissam Cuttack, Odisha. Ritesh Agarwal’s family was from a business background. But his financial condition was not good.
Ritesh is the youngest of his four siblings. Ritesh loved computers, So he learned some programming language at the age of only 14. All the big tech entrepreneurs have one thing in common, they all love computers, such as Mark Zuckerberg, Bill Gates, etc.
Where did Ritesh get the inspiration to become an entrepreneur?
Riteish’s elder sister, who was preparing for engineering, had an Entrepreneur Fest in her college. When his sister told this at her home, Ritesh was in fourth grade at that time. When he first heard the word Entrepreneur, Ritesh liked the word Entrepreneur but did not know the meaning of Entrepreneur. Ritesh decided on the same day that he would become an entrepreneur.
Small businesses of Ritesh
To meet their expenses, they also sold SIM cards along with fast-growing consumer goods.
After passing the inter, Ritesh came to Kota for the preparation of IIT, where children used to study for a longer time. But Ritesh did not like all this. Something else was going on in his mind. Ritesh used to come to Delhi every weekend to watch the Entrepreneur Event. Due to his young age, he was given free entry to many events.
Ritesh learned a lot from these events, such as the body language of an Entrepreneur, his way of speaking, strategies, and ideas.
When Ritesh used to come to Delhi to attend events, he had to stay in hotels many times. They found that the hotels were not of good quality, and also faced difficulty in finding cheap rooms.
Ritesh notices many things, many rooms in the village around Delhi used to be empty. After talking to the peoples, they came to know that the people wanted to give these rooms on rent, but they had difficulty in finding the tenants.
Many tourists come to Delhi. They also had difficulty finding rooms, it was certain, there was a demand for cheap and good rooms.
Looking at this problem, an idea came to Ritesh’s mind, why not use his coding skills to create a platform where people can give their rooms on rent.
He then founded his first startup, Oravel Stays, India’s first startup with serviced apartments, beds, and breakfast all listed on his website.
Ritesh Kota had come to prepare for IIT JEE, due to not being able to pay attention to him, he left the preparation of IIT and took admission in a college in Delhi.
After that, Ritesh started roaming everywhere, trying to learn about the hotel industry. After going to college for two or three days, he also left the college.
After some time, Ritesh’s Father came to Delhi to meet Ritesh, he came to know that his son had not gone to college for six months. Then Ritesh somehow persuaded his father and family.
After some time, Ritesh changed the name of Oravel Stays to OYO Rooms because some people had no good experience with Oravel Stays. And there were many problems with Oravel Stays, so they changed the name of the company itself.
The success story of OYO Rooms
OYO Full-Form – On Your Room
Ritesh then partnered with the owner of the Gurgaon hotel, with some conditions and Ritesh told the hotel owner, if there is any loss, I will pay it alone. If there is a profit, we will distribute half among ourselves. Hearing this, the owner of the hotel agreed. His hotel was running at a loss anyway.
After getting to the hotel, Ritesh started cleaning the hotel. The condition of that hotel was very bad, Ritesh removed all the useless furniture. And designed that hotel completely according to his own. After doing some marketing, people started coming to his hotel.
After some time Ritesh started getting calls from many hotel owners. This was a great deal for the hotel owners as the hotel owners had to give their hotel to OYO. They had to get a full month’s rent.
A magical year for Ritesh.
Ritesh now needs investment, to connect more hotels with OYO. Riteish had seen a movie called The Social Network in which he had heard about Thiel Fellowship.
That is why he also applied for the Thiel Fellowship and he became the first Asian Thiel Fellowship recipient. He received a $100,000 fellowship. By this time OYO had three hotels.
Now that Ritesh needed a good team, Ritesh’s friend asked him to meet Abhinav Sinha who was a student of the Howard Busines School. At first, Ritesh refused, Abhinav Sinha was staying at OYO’s hotel.
When Ritesh went to Abhinav’s room, Abhinav said, “Aloo paratha is very good”, Ritesh was very happy to hear this. Ritesh asks Abhinav to join Oyo, Abhinav also agrees and after that, he divides his work.
Now Ritesh had funding as well as the team, now he started expanding rapidly. He added 50 hotels to OYO. By the end of 2014, Oyo became the No.1 Hotel Chain in Gurgaon.
Ritesh then set a goal to make Oyo India’s No.1 Hotel Chain. To accomplish this goal, he gathered his employees and asked how many hotels we would be able to connect with Oyo in a month.
Someone said 50 or someone 35, but Ritesh said that we will connect 100 rooms with Oyo a month. When that month was over, they had added about 130 hotels.
In 2016, OYO bought a company called Qlik pass. Qlik was working in the field of data science.
Funding details of OYO Rooms
Oyo raises $1 billion dollars in 2018 and $100 million from Star Virtue Investment ltd in 2019. In March 2018, Oyo acquires Novascotia Boutique Homes, which provide apartment to large companies. In the year 2018, Oyo also bought weddingz.in.
In February 2019, Oyo raised $100 million in funding from the Chinese company DIDI CHUXING. And in October 2019 Oyo raised $1.5 billion funding from Softbank Group, Lightspeed Venture Capital, and Sequoia India.
In 2019, Oyo bought Leisure Group, Europe’s largest vacation rental company. In 2019 partnered with Airbnb, Oyo also bought innov8.
In August 2019, Oyo made its first investment in the US, investing in the Hooters Casino Hotel.
Current Situation of OYO ( 2020 )
|OYO Full-Form – On Your Room|
|OYO is the 3rd largest hospitality chain in the world.|
|Valuation – $10 billion|
|Headquarters – Gurgaon, Hariyana, India|
|Trade Names – OYO Homes, OYO Rooms, OYO Hotel and More|
|Employees – Today Oyo employs 17000 people in the world.|
|CEO and Founder – Ritesh Agarwal|
|OYO presence – India, UAE, Nepal, Japan, Saudi Arabia, Indonesia, China, Philippines, Vietnam, Brazil, Mexico, the United States, and more.|
|Products – OYO Township, OYO Homes, OYO vacation Homes, and more.|
|Ritesh Holding in OYO – 30%|
We hope you have learned a lot from Ritesh Agarwal Biography, how a college dropout created such a big company at such a young age.
Facts about Ritesh Agarwal
Ritesh Agarwal was the first Asian to receive a Thiel fellowship.
Ritesh is a college dropout.
Ritesh became the second-youngest Billionaire in the world.
Ritesh himself cleaned the hotels initially, also working as a waiter.
Many people also tried to fraud with Ritesh, considering its less age.
Ritesh worked very hard to reach here, even selling SIM cards.
Ritesh Agarwal Quotes
Frequently Asked Questions
Ritesh Agarwal From which State
Ritesh Agarwal Age When was he became a Billionaire
26 Years (In 2020)