OYO Rooms has been synonymous with online hotel room bookings. It is the go-to application for anyone who wants to book a room in a hotel. But have you ever wondered who founded the idea of this application? Ritesh Agarwal, a 30-year-old entrepreneur, was the one who came up with this wonderful application that would reshape the landscape of hotel bookings. At such a young age, Ritesh has established a brand that is a staple for online hotel bookings. This is nothing short of a feat in the field of business.
Ritesh is all set to join the incredible team of sharks in the Shark Tank India Season 3. The life of our new Shark is filled with a plethora of achievements. Ritesh has come a long way, from winning a fellowship to establishing a brand known to almost everyone in the country.
If you want to learn all the details of Ritesh Agarwal’s life, you can check out the following article. Here, we have covered all the aspects of his life, from the initial toiling to rising the ladder of success and becoming a revered business personality.
Early Beginnings for Ritesh Agarwal
Before revolutionising online hotel room booking, Ritesh started with humble beginnings. He was born into a Marwari family; his hometown was Bissam, Cuttack, and Odisha. Meanwhile, he was brought up in Titilagarh. For a living, his family used to run a shop in Rayagada, Odisha. But Ritesh’s ambitions were sky-high. He did not want to be confined to a small family business and build something of his own.
Ritesh initially studied at Sacred Heart School and later moved to St. Johns Senior Secondary School. After completing school, he went to Delhi in 2011 to pursue college. Ritesh might not have known what supreme brand he would create at this time, but his beginnings laid the foundation for his illustrious career ahead.
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Ritesh’s Inclination Towards Hotels and the Idea of OYO
OYO Rooms is not something Ritesh conjured out of thin air; there was a reason he always inclined hotels and their facilities. At the young age of 17, Ritesh was travelling all across India. While doing so, Ritesh might have stayed in more than 100 guest houses and hotels. During his visits to multiple places, one thing always bothered Ritesh: he was always put off by the lack of good-quality hotels at affordable prices.
He always believed that the guests at the hotel should have a seamless stay while spending a reasonable amount of money. That is how the idea of OYO clicked for Ritesh, and the rest is history.
Establishment of OYO Rooms by Ritesh Agarwal
Before OYO was established, Ritesh started an Airbnb equivalent, “Oravel Stays”. This was launched by Ritesh in 2011. This new enterprise by Ritesh was met with good reception and went through the accelerator program Venture Nursery in 2012. After the good reception, Ritesh registered the company for Theil Fellowship, and it ended up winning. Stars were aligned in favour of Ritesh Agarwal, and he was granted the amount of $100,00.
It was not too long until Ritesh decided to launch OYO Rooms in 2013, which took the business world by storm. As the company’s founder, Ritesh left no stone unturned in its establishment as a big brand. In 2018, the company raised a whopping amount of $1 Billion. However, Ritesh did not stop here; he went on to purchase $2 Billion shares in the company. This tripled its stakes and further established it as a brand.
Ritesh Agarwal was included in Forbes’ list of 30 under 30 for this unprecedented achievement. Now, OYO Rooms stands tall as arguably the best online hotel booking application, and it is a testament to the sheer dedication and hard work of Ritesh Agarwal in building a revolutionary brand for the ages.
Ritesh Agarwal’s Net Worth
With his brand consistently thriving and providing fruitful results, Ritesh Agarwal’s Net Worth stands at an eye-popping 16,000 crores INR. This amount may sound too good to be true, but you won’t be surprised when we tell you that OYO Rooms currently brings a revenue of 80,000 Crores INR. Ritesh Agarwal’s net worth has been on a constant rise. In 2020, it was 8000 Crores INR, almost double that amount. The unparalleled success of Ritesh Agarwal tells us how far hard work and professional skills take you if you use them correctly.
Personal Life of Ritesh Agarwal
Ritesh Agarwal’s personal life is as sorted as his professional life. Away from work at home, he enjoys the company of his life partner, Geetansha Sood. The couple got married on March 8, 2023. Ritesh and his wife also recently welcomed a baby boy, making it all too beautiful and peaceful.
Ritesh Agarwal Controversies
While in his short but magnificent business career, Ritesh has had many achievements, he has admittedly been a part of some infamous controversies. In 2020, Ritesh faced accusations from Manish Sinha (the co-founder of OYO) rooms for cheating during the company’s early beginnings. Apart from this, Ritesh has also been fined in the United States for alleged protocol violations.
In September 2020, Ritesh again got into trouble with a Chandigarh-based businessman who accused him of fraud for taking over half of their hotel’s revenues as a fee not mentioned in the contract.
Ritesh’s Presence Raises the Excitement Factors in Shark Tank India Season 3
As the young entrepreneur steps into the shark’s boots, the fans’ excitement is palpable. Fans look forward to seeing what a small-time entrepreneur turned business tycoon will bring to the prestigious Shark Tank India Season 3 stage. We have to wait until 22 January 2024 to find that out. But what we certainly know for now is that Ritesh Agarwal’s Shark Tank journey promises to be as illustrious as his career as an Indian business jewel.
