From SIM Cards to Billionaire: The Unstoppable Rise of OYO’s Ritesh Agarwal!

Most of us have heard this name, Ritesh Agarwal. If not, you have probably heard about India’s famous hospitality giant, OYO. And guess what? It was founded by a 20-year-old boy 11 years ago. The mastermind behind it was none other than Ritesh Agarwal. Let’s dive into more details.

OYO: Behind the Scenes

OYO, short for “On Your Own” and also known as OYO Hotels and OYO Rooms, is a hospitality giant that provides rooms and lodges worldwide at reasonable and affordable rates. It didn’t start overnight or gain instant success; there is a huge story of hard work, creativity, success, failures, and struggles behind it.

When OYO was founded, Ritesh was just 20 years old. He was a business enthusiast who always wanted to innovate. He left college, realizing it wasn’t his path.

Ritesh traveled a lot, and during his travels, he often stayed in hotels and lodges. Soon, he realized that many lacked essential facilities and proper hospitality, even with higher rents. So, he decided to launch a perfect accommodation system that would help budget travelers. He then launched Oravel Stays, inspired by Airbnb’s model. He provided good food, better facilities, staff, and hospitality at an affordable and reasonable price.

In 2013, Oravel Stays was relaunched as OYO Hotels & Homes, becoming India’s largest chain of affordable, quality stays. Today, it operates in 800 cities across more than 80 countries worldwide, offering affordable and comfortable stays. As of January 2024, OYO has over 174,000 hotels and homes globally. OYO has also expanded its reach further with OYO Townhouse, OYO Workspaces, OYO Wizard, and OYO Life. OYO is now the third-largest multinational hotel chain in the world, with a net worth of $2.5 billion.

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Early Life and Struggles

Ritesh Agarwal was born in Rayagada, Odisha. He attended Sacred Heart School in Rayagada. From his school days, Ritesh was inclined towards computers, software, and coding. In 2009, he went to Kota with the intention of getting into a top IIT college. However, he realized that Kota wasn’t the right place to learn coding, so he gave up on his coding dream. He then started working on a book titled Indian Engineering Colleges: A Complete Encyclopaedia of Top 100 Engineering Colleges, which became a success. In the meantime, he moved to Delhi for higher studies and faced many struggles, even selling SIM cards to meet his daily needs.

He didn’t stop there. He got selected for the Thiel Fellowship, a program given to 20 students under the age of 20. He received a sum of $100,000 under this fellowship over two years, along with guidance and resources to drop out of college and create a startup. This was the first investment in OYO.

From SIM Card Seller to Self-Made Billionaire

OYO’s success wasn’t overnight; it was built on Ritesh’s belief in his idea, his relentless work ethic, and his ability to see opportunities where others saw obstacles. His optimistic nature, consistency, and hard work transformed him from a SIM card seller into a self-made billionaire.

Read this also: How Two IIT Grads Turned a Simple Idea into India’s Biggest Reselling Platform!

During the initial days of OYO, he faced numerous challenges. The COVID-19 pandemic also led to a decline in OYO’s valuation, but Ritesh tackled these obstacles with determination.

Net Worth of Determination

The journey of this young man is truly impressive and inspirational. According to the latest reports, his net worth is estimated to be INR 16,000 crore. His net worth grew from around INR 8,000 crore in 2020 to nearly double that in 2023. That’s the power of a business done right.

Besides amassing a huge net worth, he has received several recognitions and awards. Ritesh has won numerous accolades, including the Business World Young Entrepreneur Award. He was also featured in Forbes’ 30 Under 30 list for Asia. In 2023, he became the youngest shark to appear on Shark Tank India.

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