Doing business is not just about everyone. To do business it is very important to have a business mind. Only business done with hard work, true dedication and complete dedication succeeds.
And to get success in business, a common man needs the experience of marketing, must have the ability to solve every kind of problem, and to complete all these things, a person’s half-life passes, then he becomes successful Businessmen. But by proving this wrong, Ritesh Agarwal, Founder, and CEO of OYO Rooms, India, has achieved great success in business at the age of 21. Let’s understand how?
In this biography, we will gonna know about Ritesh Agarwal net worth, facts, his own awards, and controversies.
Who is Ritesh Agrawal?
Ritesh Agarwal is the founder and CEO of Oyo Rooms. The third-largest emerging hotel chain in the world. Having a 1.1 billion net worth, with 8 billion current valuations according to (Hurun Global Rich List 2020). Makes him the 2nd youngest billionaire in the world.
Born, Study And Career
Ritesh Agarwal was born on 16 November 1993 in a very small village named Bissam Cuttack, Rayagada Odisha’s. As belonging to a low-income family. At the age of 13, he started selling sim cards. Ritesh completed his schooling at Sacred Heart School, which was nearby his home.
He then graduated from St. Johns Senior Secondary School and then moved to Delhi for college. But he went there for two days then he dropped out. Because from the beginning he had planned in his mind to do something different. Though he always used to attend the enprenership events. And participate in different discussions of the new business’s ideas.
He was also a book lover so he used to love reading books on businesses. During his struggle days, when he was preparing for IIT entrance had written one book named, a complete encyclopedia of Top 100 engineering colleges.
As he loves to travel, whenever got the free time he went for traveling with friends. Ritesh had done a lot of internships, to travel, sometimes he even mails to the hotel’s owner by saying that guys can you please allow me to live free in your hotel. I wanna solve something in this sector someday.
Some of them allow him and some of them give him a discount and some of them said screw you. You have to pay the whole amount. Across 100 places and in more than 200 properties he stayed in India. He was having a hunger to solve something in the hotel industry.
At the age of 16, Ritesh got selected for the TATA Institute of fundamental research Asian Science Camp. It was the stage, wherefrom all over Asia people comes to talks about some special topics and to find the solution to that.
In 2012 he started his own first start-up Oravel Stays with the motive to provide hotels at cheap price’s so people can afford and book hotels online and offline.
He has already gained that much knowledge regarding how to take funding and run start-ups. That soon he approached and got 30 lacks funding from venture nursery.
After 6 months of business, he started to fail in Oravel startup and his company’s popularity was getting low. Because people were getting the room at cheap prices but the facilities they were getting, was not satisfied.
But he didn’t give up, one of his interviews he told that he was inspired by the Steve jobs quote innovation is what differentiates leaders vs followers.
He considered those issues and took the step on it, they have already understood the need of people so they covered easily. Later they change the company name to OYO rooms. Started providing their customer’s good facilities with the coolest and cheapest budget rooms. They also set the standards for all the Oyo rooms hotels and which they must follow.
These problem-solving techniques used by Oyo company help them to establish India’s no 1 hospitality company.
Funding’s For The Company
By seeing the good performance of the company, Ritesh Agarwal easily got fundings from lightspeed venture partners, Dsg consumer partners, sequoia capital & Greenoaks capital.
Awards And Achievements
1.In 2014, he got the TiE-Lumis Entrepreneurial Excellence Award
2.In 2013, got the Thiel fellowship Award
3.Registred his name in one of the Top entrepreneurs by TATA first Dot Award (2013)
4.Business world young entrepreneur Award
5.In 2015, got the Startup of the year express IT award
6.Got the startup of the year at The economics times startup Award (2018)
7.2019 got the Market entrant of the year UK India award’s
8.Best startup SATTE award(2019)
9.OYO topped the maiden list of LinkedIn’s Top Startups in India (2018)
10.In 2019, Tycoon of tomorrow by Forbes India
Controversies Of Ritesh Agarwal
- In 2019, a cheating case against Oyo Hotel and its founder with six employers of the company in Bangalore.
- Chandigarh businessman registered a case against Oyo hotels founder and their team. In his complaint mentioned that he got cheated by an illegal business agreement.
- Not in India US too, Oyo is facing many issues such as – US-based media outlet Skift reported that several hotel owners have complained that OYO’s partner management system is not working properly along with unpaid dues.
Always remember if you find the problem and give the solution to it you can be the next entrepreneur. Their company’s good business strategies have made them spread across the world china, Indonesia, Malaysia, Nepal Uk, and UAE, etc. They only go behind to provide the solution to something. They didn’t go behind money and all.
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