Ritesh Agarwal, a 25-year-old Indian millionaire, is the founder and CEO of OYO Hotel Group. The cheapest hotel company in the world. He started his career at the age of 20 to develop a solution for people looking for affordable hotels around the world. He is on track to achieve that goal.
Early Life
Ritesh Agarwal was Born on November 16, 1993, in Bissamcuttack, Odisha, a rural town noted for its Naxalite presence. Bissamcuttack is a town where the average daily wage is less than $10. Ritesh was poor as a child, yet he was not like other kids his age. He began learning programming at the age of eight and was able to code by that time.
To satiate his hunger for programming. He would take his older brother’s books and spend a significant amount of time on Google studying programming. Google had been his best buddy at this point. In 2009, Ritesh moved to Kota to study for the IIT-JEE entrance test. He enrolled in the Bansal Tutorials program. Ritesh realized that Kota was a location where coding could be learned. His enthusiasm for programming waned with time.
“Indian Engineering Colleges. A Complete Encyclopedia of Top 100 Engineering Colleges,” he wrote there. On Flipkart, the book was an instant hit. And it was all gone in no time. Even his coaching courses bought this book because of the picture of Ritesh on the cover.
Ritesh graduated from St. Johns Senior Secondary School and came to Delhi for college in 2011. He was welcome into the Indian School of Business and Finance’s International Programme at the University of London. He never felt a connection to the course. And three days after starting it. He took a day off to plan out his business idea, and he never returned!
Agarwal, Ritesh’s Success Story has been full of adventures, challenges, and the desire to achieve anything in life.
Success Story
Ritesh immediately began traveling and discovered. That top-tier hotels with ultra-modern amenities were out of his price range. While hotels within a common traveler’s price range offered little to no amenities. Ritesh saw the potential for a new market revolution and launched his first company. Oravel Stays, in 2012. It included bed and breakfast accommodations all around India. This was only the beginning of Ritesh Agarwal’s success.
It was good for short and mid-term bed and breakfast stays. As well as individual rooms and high-quality serviced apartments. It received 30 lakhs in investment from Venture Necessary. An organization that brings together investors to foster start-ups, in no time. Meanwhile, Ritesh submitted his concept for an international competition for kids under the age of 20 at the Thiel Fellowship. He was one of the top ten winners, receiving a two-year prize of $100,000. Dropouts were also supplied with industry information and tools. Then, Peter Thiel– Paypal Co-Founder and Facebook investor– gave advice on how to establish and operate a business.
While traveling, Ritesh immediately recognized. That the most difficult part was finding a nice, inexpensive, and available hotel. Since most of us have ended up in awful locations owing to a lack of knowledge about the hotels in the area. This inspired him to change his company approach at the moment. And he rebranded Oravel Stays as OYO ROOMS in 2013.
OYO began with the goal of building the world’s largest network of efficient rooms. To exceed basic criteria. And high expectations at costs never seen before. OYO Rooms contacted potential hotels or a hotel owner might approach them. In this respect to ensure that the hotels deliver a good quality client experience. OYO’s personnel would visit the location regularly to audit the hotel. And determine what adjustments would be necessary to bring it up to OYO’s standards.
Ritesh underlined the need of providing a way for consumers to provide feedback on their stay. Ritesh devised a system in which a cluster manager was set to each of the six hotels. These cluster managers paid regular visits to the hotels under their control. And assessed their quality using a set of 160 criteria. If any hotel room violated the rules to violate any of these requirements. The hotel room was instantly blacklisted and rendered accessible to the public. The attention to the client experience was particularly appreciated. It resulted in client apathy.
Ritesh Agarwal’s success story is one of the most inspiring in history. OYO gained traction in the industry. And began to experience success by acquiring one hotel after another across the country. Expanding to China and other parts of the globe. By 2014, the firm was averaging over 1 crore in gross bookings each month. Ritesh has amassed a wealth of $1 billion by 2017.
Recent History (2017 onwards)
By September 2018, OYO Rooms had raised $1 billion. And a year later, in July 2019, Ritesh had purchased $2 billion worth of the company’s stock. More than doubling his total stake.
Ritesh’s estimated net worth is roughly INR 7253 crore ($1.1 billion). Making him the world’s second-youngest self-made billionaire after Kylie Jenner. According to Hurun Rich List 2020.
OYO conducted a lot of humanitarian actions during the ongoing COVID outbreak. The list is extensive.
- Offering free nights at OYO Townhouse to medical staff fighting COVID.
- OYO has partnered with over 24 state ministries and 50 hospitals. To provide pay-per-use quarantines and self-isolation facilities. At low pricing to aid the country’s fight against COVID.
- OYO took many steps to assist its asset owners who were suffering significant losses as a result of the Lockdown.
Around 73,000 returned Indians had completed their institutional quarantine in OYOs across India by December 2020. Ritesh, who is 27 years old, has a long list of accomplishments that serve as an example to today’s youth:
- In the consumer technology industry, Forbes’ “30 under 30”
- TATA First Dot powered by NEN awards’ top 50 entrepreneurs in 2013.
- In 2014, the TiE-Lumis Entrepreneurial Excellence Award went.
- Young entrepreneur prize from Business World.
This is the straightforward Ritesh Agarwal Success Story. OYO Founder story of a man. Who went from selling SIM cards to becoming the youngest self-made millionaire after Kylie Jenner. To summarise the complete Ritesh Agarwal success story. There are no words that can express it.
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