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Ritesh Agarwal

Ritesh Agarwal

 

EARLY LIFE

 

  • Ritesh Agarwal was from a middle-class Marwari family who resides in the state of Orissa. Ritesh Agarwal was born and brought up in Bisam in Cuttack, Orissa.
  • His date of birth is 16th November and he was born in 1993 which makes his age to be 25 years. He did his schooling from his state.
  • His family is from a business background. However, prior to he has become a multi-millionaire, they did not have a good financial condition.
EARLY LIFE

 

  • Ritesh Agarwal was 18 years old hailing from Odisha’s Rayagada district and was the one who launched Oravel, a website designed to enable listing and booking of budget accommodation.
  • Ritesh was who once wanted to sit for an engineering exam, Ritesh today heads among the most valuable start-up by a person who never studied beyond school.
  • For survival, he also sold sim cards.In Kota (Rajasthan), where he was ostensibly preparing for his IIT entrance exams, Ritesh said that he couldn’t wait every weekend to slip out to Delhi and meet those doing their own thing.
EARLY LIFE

 

  • He was 19-year-old where he had travelled for months staying at budget hotels, attended customer calls every day and immersed himself in every possible experience to learn about budget hotel customers and their expectations.
  • At the age of 17, Ritesh started his entrepreneurial journey. Oravel Stays Pvt.Ltd. was launched after he dropped out of his college, in the year 2012. That was his first startup.
  • The company Oravel was designed for customers to enjoy the platform for enabling listing and booking of budget accommodation.
OYO

 

  • Ritesh Agarwal was selected for the “20 under 20” Thiel Fellowship in 2013 from Peter Thiel.. The Thiel Fellowship is a two-year program wherein fellows receive $100,000 and mentorship from the foundation’s network.
  • Being an avid traveller, he soon realized that the budget hospitality sector lacked predictability. Therefore, in 2013 he pivoted Oravel to OYO Rooms.
  • He manages to be amongst the top 10 venture and receive some of $100,000 from Peter Thiel, the cofounder of PayPal and an early investor of Facebook.
CHALLENGES

 

  • The newfound confidence, he started working even more regularly, But to his hard luck the business modern doesn’t seems to be picking up and as much as he tried to fix things. Things were just not falling into place. Ritesh also got Manish Sinha of Gurgaon based as their co-founder.
  • But unfortunately it didn’t work and Manish had to quit the company. That is how Ritesh went on to the thinking mood and realise that the biggest way while travelling was to find a good, affordable and affordable hotel to stay.
OYO

 

  • In 2013 he relaunched Oravel as Oyo Rooms. The name Oyo means “on your own”, nothing but an idea to create India’s largest chain.Now Oyo Rooms are the largest venture in India and out of India.
  • It is World’s 3rd largest by room count and fastestgrowing chain of leased and franchised hotels, homes and living spaces. It is backed by the SoftBank Group, Greenoaks Capital, Sequoia Capital and Lightspeed India.
OYO

 

  • OYO currently present in more than 800 cities in over 80 countries, including the United States, China, Europe, Britain, India, Malaysia, Middle East, Indonesia, Philippines and Japan.
  • Agarwal, at the age of 24, has become the youngest Indian to find place in Hurun’s rich list for 2018. Agarwal, a first time entrant on the list, now has a net worth of Rs. 2,600 crore