Ritesh Agarwal is a known name in the Indian startup ecosystem. The 30-year-old Indian billionaire is the founder and CEO of OYO, the world’s most affordable hotel chain. His journey from a small-town boy of Odisha to a global entrepreneur is a true story of inspiration.
Ritesh was born on 16 November 1993, in a small town Bissam of Cuttack. He grew up in Titlagarh and Rayagarh district of Odisha.
Ritesh belonged to a middle-class family and was the youngest among the 4 siblings. His siblings were all settle but he was a bit confused about what to do. He always wanted to go out from Tilagarh. Later he decided to pursue engineering and moved to Delhi. but dropped out his college and pursued entrepreneurship. Everyone thought it was not a good decision.
At 20, Ritesh founded Oravel Stays. It was a platform to help people locate and book affordable hotels. But it faced challenges due to limited entrepreneurial knowledge and resources.
In 2013, Ritesh became the first Indian to join the Thiel Fellowship and received a $100,000 grant, which significantly boosted his startup idea.
After some time he realised Oravel Stays was not solving the core problem, Ritesh rebranded it as OYO (On Your Own) in 2013 which focused on providing standardised, affordable rooms across India.
By 2015, OYO had attracted significant funding, including $100 million from SoftBank, enabling rapid expansion across India. It became famous gradually and people started liking it.
Between 2016 and 2019, OYO expanded to multiple countries, including Malaysia, Nepal, the UK, UAE, China, Singapore, and Indonesia, operating in over 500 cities globally.
At the age of 25, Ritesh became the world’s second-youngest self-made billionaire. Now, he has a net worth estimated at ₹16,000 crore.
OYO faced significant challenges, including the COVID-19 pandemic's impact, allegations of fraud, regulatory hurdles, and legal disputes in various markets. But it never failed in attracting new consumers. Now it is one of the most famous and affordable room booking apps.
Ritesh's strategic move according to challenges also helped OYO to reach the highest. Despite setbacks, He focused on cost-cutting measures, streamlined operations and introduced new products and services, ensuring OYO’s sustained growth.
Ritesh married Geetansha Sood in 2023 and the couple welcomed a baby boy and received numerous accolades such as the Business World Young Entrepreneur Award.
His journey offers valuable lessons to aspiring entrepreneurs and inspire them to think big and made it true.
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