Inspiring story of Ritesh Agarwal: Founder, CEO of OYO Rooms

Ritesh Agarwal (Ritesh Agarwal) Early Childhood Development and Education

Ritesh Agarwal was born in Bissam Cuttack, Orissa, to a business family and attended Rayagada’s Sacred Heart School. Growing up in Rayagada, Odisha, for him was all about having fun and studying, although his methods were much different from other kids’. He had a lot of fun fiddling around on the computer and looked for ways to make mistakes and learn new things. As a result, he became fascinated with software! In 2009, Ritesh moved to Kota to attend IIT, and it didn’t take him long to discover that Kota was anything but a place where he could learn to code. He used to relax and travel in his spare time. He even began writing a book named “Indian Engineering Colleges: A complete encyclopaedia of Top 100 Engineering Colleges,” which he eventually published. This book gained a lot of traction on Flipkart and rapidly sold out.

Ritesh Agarwal’s Success Story

Let’s look into Ritesh Agarwal’s success story!

He’s just getting started as an entrepreneur.

Before starting OYO, Ritesh Agarwal was a nomad who travelled across the country, and it was during these excursions that he noticed the lack of reasonable motels. As a result, he launched Oravel Travels, a firm fashioned after Airbnb, at the age of 17. However, it was later dubbed OYO rooms. He recognised that the problem with budget hotels was more than just availability, so he founded OYO in May 2013 to solve additional issues.

Ritesh Agarwal (Ritesh Agarwal) Estimated Net Worth

With a net worth of $612.1 million, Ritesh Agarwal is one of India’s wealthiest young men (Rs. 4,547 crores).

Ritesh Agarwal’s net worth has plummeted as a result of COVID-19, according to the Hurun report, and he has lost his billionaire status.

Ritesh became India’s second-youngest billionaire in 2021, according to Wikipedia.

According to Forbes’ 2021 list, Kevin David Lehmann is the world’s youngest billionaire, with a net worth of $3.3 billion.

According to Hurun Rich List 2020, he was a millionaire who withheld $1.1 billion.

OYO’s first launch

OYO Rooms contacted prospective hotels, or a hotel owner contacted them, and OYO’s team visited the property, audited it to identify the adjustments that would be required to standardise it to OYO standards, and shared the information with the hotels. Following the launch, Bhawna Agarwal, the former CEO of e-commerce behemoth SeventyMM, joined the company to offer invaluable business advise. VentureNursery, a business accelerator that brings together a group of investors to develop startups, awarded Ritesh a fund of 30 lakhs. Later in 2014, OYO Rooms received 14 crores from DSG Consumer and four crores from LightSpeed Venture.

“ON YOUR OWN” is the definition of OYO.

OYO Rooms contacted prospective hotels, or a hotel owner contacted them, and OYO’s crew went to the area, audited the hotel, and reported back to the hotels. Former CEO of e-commerce behemoth SeventyMM Bhawna Agarwal rejoined the team to offer business advise. VentureNursery, a startup accelerator that brings together a group of investors to assist startups thrive, awarded Ritesh a fund of 30 lakhs. Later that year, OYO Rooms secured $14 million from DSG Consumer and $4 million from Lightspeed Venture.

In addition to being an entrepreneur, Ritesh is an author, a developer, and a superb orator. He began coding at the age of eight and was one of 240 kids who attended an Asian camp at the Tata Institute of Fundamental Research when he was sixteen. In 2014, he was the youngest member of the Think EDU panel. He’s been a staple at the VCCircle gatherings.

In the same year that he founded Oravel travels, he was nominated for the Thiel fellowship. Peter Thiel, the founder of PayPal, established the fellowship, which awards a $100,000 stipend to a college dropout under the age of 22 to explore a start-up idea. Without a doubt, he is the only Indian who has received it.

Agarwal’s net worth in 2020, according to the Hurun Rich List, is over INR 7253 crore ($1.1 billion), making him the world’s second-youngest self-made billionaire behind Kylie Jenner.

Ritesh Agarwal’s accomplishments

• He received the TiE-Lumis Entrepreneurial Excellence Award (2014)

• He was the first Asian to win the Thiel Fellowship’20 Under 20′ (2013)

• He was named to TATA First Dot Awards’ top 50 entrepreneurs list (2013)

• He was a finalist in the Global Student Entrepreneurship Awards-India

• At the age of 17, he was the World’s Youngest CEO, according to Business Insider (2013), who listed him as one of the “8 Hottest Teenage Start-Up Founders in the World.”

Tags:

success story of ritesh agarwal, ritesh agarwal education, ritesh agarwal net worth

Read This Full ARTICLE, Click Here

Explore Global Business News, Click Here

Published by Think With Niche

Business Blogging & Global News Platform. Here Leaders & Readers Exchange Business Insights & Industrial Best Practices on Startups & Success #TWN

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Create your website with WordPress.com
Get started
%d bloggers like this: