Ritesh Agarwal Journey: CEO of India's Biggest Hotel Chain OYO

Ritesh Agarwal: Shark Tank Season 3

Meet Ritesh Agarwal, a 25-year-old entrepreneur who left college to start OYO which stands for ‘On Your Own’, the world's biggest budget hotel chain. He didn't have a magic formula, just lots of hard work and a dream to make travel cheaper for everyone.

Recently, Ritesh became the youngest judge on Shark Tank Season 3. This is a big deal because it shows how good he is at business and how he wants to help other young people succeed too.

Come along as we'll talk about Ritesh's amazing journey and how he became so successful and created such a fortune at such a young age. We'll start from his early days to becoming a billionaire entrepreneur.

In this blog,  we explain Ritesh Agarwal's inspiring story and learn some valuable lessons about hard work and chasing your dreams. Stick around till the end to get some tips that might help you in your own journey.

 

Early Life and Education

Born into a marwari family in Bissam Cuttack, Orissa, Ritesh Agarwal's unconventional learning began at Rayagada's Sacred Heart School. Unlike other children, Ritesh was drawn to computers, actively seeking mistakes to fuel his growing fascination with software, laying the foundation for his interest in technology. In 2009, he enrolled in IIT Kota, but his entrepreneurial spirit and passion for coding soon led him down a different path. He dropped out to pursue his tech dreams, a decision that would shape his future and ultimately lead to his successful ventures.

 

 

Struggle Story

Ritesh Agarwal faced a lot of tough times. He dropped out of college and sold SIM cards for survival, his journey is marked by struggles rather than initial success. Even after facing personal tragedies, like losing his father soon after getting married, Ritesh didn't give up on his dreams. Starting from struggling as a teenager to leaving college for his own business, he went against what people thought he should do. His story teaches us that hard work during tough times can lead to surprising successes.

 

Ritesh Agarwal's Inspiring Journey

At just 19, he secured a spot in the prestigious Thiel Fellowship, which provided him with the means to materialise his ideas. Thiel Fellowship was a scholarship program under which globally only twenty students get an amount of eighty lakhs rupees for about 20 years to fulfill their dreams but with an added condition of dropping out of college. This led to the beginning of OYO Stays in September 2012, a budget accommodation platform inspired by Airbnb. The success of Oravel Stays laid the groundwork for the birth of OYO Rooms in May 2013, revolutionising budget accommodations in India. 

Throwback to 2013  Ritesh at oyo’s third property in Gurgaon

In a recent interview, Ritesh talked about his early days managing a hotel. By improving the interior and offering the first three rooms at Rs. 999, he increased the hotel's occupancy from 20% to 90%. This smart move not only made the hotel more popular but also improved its reviews.

Under Ritesh's leadership, OYO rapidly expanded, securing substantial funding and becoming the largest hotel network in India, expanding its presence in more than 154 cities. Through his commitment and innovative strategies, Ritesh Agarwal transformed his vision into reality, impacting millions of travellers worldwide.

 

 

Biography

Find out about Ritesh Agarwal, the person who created OYO. Discover his life story, his family, and personal details:

- Full Name: Ritesh Agarwal

- Date of Birth: 16 November 1993

- Age: 30 Years (as of 2024)

- Hometown: Cuttack, Odisha

- Company Founded: OYO

- Net worth: $2 billion

- Education: College Dropout, Sacred Heart School

- Current Position: Founder & Group CEO of OYO

- Father: Ramesh Agarwal

- Marital Status: Married

- Spouse: Geetansha Sood

- Children: Aryan (born- 07/12/2023)

 

Entrepreneurship Challenges

Driven by his own travel experiences, Ritesh Agarwal envisioned a solution to India's budget accommodation challenges. Recognizing the need for quality and consistency, he founded Oravel Stays in 2012, laying the foundation for OYO Rooms. By partnering with existing hotels and offering standardised amenities, technology integration, and marketing support, Ritesh revolutionised the hospitality industry. 

OYO's rapid expansion across India and globally is a testament to Ritesh's vision of making comfortable and affordable stays accessible to all. Through his entrepreneurial journey, Ritesh Agarwal has demonstrated the transformative power of innovation and perseverance in addressing societal needs.

 

Personal and Professional Achievements

Ritesh Agarwal has achieved remarkable success both personally and professionally, showcasing his talent and dedication in all aspects of his life.The following are Ritesh Agarwal's personal and professional achievements.

Personal Achievements

 

Here are some of his noteworthy awards & achievements:

• First Asian to win “20 Under 20”  awarded  Thiel Fellowship, 2013.

• Top 50 Entrepreneur (TATA First Dot Awards, 2013)

• 8 Hottest Teenage Start-Up Founders (Business Insider, 2013)

• Youngest CEO at 17 (acknowledged at 16)

• TiE-Lumis Entrepreneurial Excellence Award (2014)

• Forbes "30 Under 30" (Consumer Tech)

• Business World Young Entrepreneur Award

 

 

OYO Milestones

• 2013: Founded by Ritesh Agarwal, received Thiel Fellowship grant.

• 2014: Secures first Series A funding.

• 2015: Launches app and expands rapidly. Raises $25 million, followed by $100 million from SoftBank.

• 2016: Surpasses 1 million check-ins, enters Malaysia.

• 2017: Expands to Nepal.

• 2018 : Becomes a unicorn, launches in the UK, UAE, Dubai, China, Singapore & Indonesia.

• 2019: Reaches 330,000+ rooms in 500+ cities globally.

 

Youngest Shark in Season 3

Ritesh Aggarwal, the visionary founder of OYO Rooms, steps into the spotlight as the youngest addition to the Season 3 lineup of Shark Tank India. With his innovative approach and extensive experience in the startup scene, Ritesh injects new energy into the investor panel. Aspiring entrepreneurs now have the opportunity to pitch their ideas to this dynamic entrepreneur, aiming to secure investments and propel their businesses forward.

 

For more insights into Shark Tank and its impact, Click Here to check out our detailed blog with over 55,000 views.

 

Investments and Net Worth

Ritesh Agarwal, once considered one of India's richest young individuals with a net worth of approximately $612.1 million (Rs. 4,547 crores), has seen a decline in his net worth and lost his billionaire status due to the impact of COVID-19, according to the Hurun report. In 2021, he held the title of India's second-youngest billionaire, as per Wikipedia. However, Kevin David Lehmann surpassed him as the world's youngest billionaire in Forbes' 2021 list, with a net worth of $3.3 billion. Previously, Ritesh Agarwal was listed as a billionaire with holdings of $1.1 billion on the Hurun Rich List 2020.

• Venture Round: Beyond Odds (December 2023)

• Seed Round: FroGo (November 2023)

• Grant: The Forest Collective (January 2023)

• Grant: Siachen Naturals (January 2023)

• Grant: Nima Goos Goos (January 2023)

• Grant: Ladakh Brew (January 2023)

• Seed Round: Vetic (November 2022)

• Series A: Pepper Content (June 2022)

• Seed Round: Josh Talks (May 2022)

• Seed Round: Growth School (January 2022)

 

Did You Know ?

Apart from revolutionising the hospitality industry with OYO, Ritesh Agarwal is also a published author? He has written two books: "Indian Engineering Colleges: A Complete Encyclopaedia Of Top 100 Engineering Colleges" and "Kaleidoscope," which features 25 award-winning short stories.

 

 

Highlights:

• He revolutionised the hospitality business in India with OYO Hotels.

• Became the world’s youngest self-made billionaire in 2020, trailing behind Kylie Jenner.

• Dropped out of an engineering college in Delhi to pursue entrepreneurship.

• Selected for the Thiel Fellowship, which provided unique learning experiences.

• Started his entrepreneurial journey at 13 by selling SIM cards after school.

• His father passed away shortly after his wedding in a tragic accident.

• Initially aimed for engineering per his father's wishes, but pursued entrepreneurship instead.

• Moved to Delhi after 10th grade to prepare for the IIT-JEE entrance exam.

 

Conclusion

In summary, OYO has expanded its hotel network from big cities to smaller ones, adding over 200 cities to its list. Starting from just over 300 cities, 10,000 hotels, and 200,000 rooms, it now operates in more than 500 cities across India. Ritesh Agarwal, the founder of OYO, serves as an inspiration for young people to pursue their dreams.

His journey from a small town to leading one of the world's fastest-growing hospitality chains shows his determination and belief in his vision. He began with Oravel Stays in 2012 and later created OYO Rooms in 2013, revolutionising the budget accommodation industry.