Wondering to know Ritesh Agarwal biography, education, salary, net worth, and other interesting details about him, then this post is best suited for you.
Ritesh Agarwal is an India Entrepreneur who is founder and C.E.O(Chief Executive Officer) of OYO rooms.
OYO room was founded in 2013 by Ritesh Agarwal. The OYO room is basically a hotel chain. It is the largest and fastest-growing hotel chain in India.
Not only in India but OYO rooms are also expanded in other countries like Malaysia, Japan, Saudi Arabia, Brazil, UK, Mexico, China, United States, Indonesia, Vietnam, Sri Lanka, Nepal, and many more.
Till now in 2020 the valuation of OYO rooms is more than $10 billion. After 12th class only he has started his first company.
So in this article, we will discuss self-made billionaire Ritesh Agarwal biography and we will also discuss other facts related to him.
Ritesh Agarwal Biography
Now the time has come when we will together be discussing biography of the Indian business magnate.
Tabular representation of Ritesh Agarwal biography-:
Full name
|
Ritesh Agarwal
|
Profession
|
Entrepreneur
|
Age
|
In 2020,26 years
|
Date of birth
|
16 November 1993
|
Birth Place
|
Cuttack, Odisha, India
|
Zodiac sign
|
Scorpio
|
School
|
Not known
|
College
|
Indian school of business and finance, Delhi
|
Educational Qualification
|
College Dropout
|
Nationality
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Indian
|
Family
|
Father-Not known
Mother-Not known
Brother-Not known
Sister-Not known
|
Marital status
|
Unmarried
|
Girlfriends
|
Not known
|
Net Worth
|
As in 2020,$1.1 billion(7253 crores)
|
Ritesh Agarwal Early Life
Ritesh Agarwal was born on 16 November 1993 in Bissam Cuttack Rayagada which is located in Odisha.
He belongs to a middle-class Marwari family. His family background is business class but before Ritesh became multi-millionaire his family's financial condition was not good.
From childhood only he was different from other kids. He had a keen interest in computers and he intentionally finds opportunities for making mistakes so that he can learn from it and grow his knowledge.
He started coding at the age of 8 years only. Because of this, his interest grew in software.
Once he borrowed a programming book from his brother to learn to code. Then He has learned the basic language and Pascal from school and the rest of the languages from google.
When he was 13 years old he used to sell sim cards for a living.
When he was in the 10th class then he wants to make his career in coding. His love for coding increases then onwards.
So in 2009, he went to Kota for preparation of IIT and there he found out that it is the best place to learn to code.
While preparing for exams Ritesh once said that he could not wait every weekend to slip out to Delhi and meet those doing their own things.
When Ritesh was 16 years old, he was selected for an Asian science camp which was organized at the Tata Institute of Fundamental Research(TIFR). He was selected among 240 students.
When he was 19 years old he used to travel a lot and stay in budget hotels and PGs.He used to attend customer calls as he wants to experience everything about budget hotels.
While traveling his interest grew in Entrepreneurship. He used to attend different events on entrepreneurship and learn about it.
These experiences helped him to shift from Oravel to OYO.His curiosity to try new things helped him to become a billionaire at such an early age.
From childhood only he was different from other kids. He had a keen interest in computers and he intentionally finds opportunities for making mistakes so that he can learn from it and grow his knowledge.
He started coding at the age of 8 years only. Because of this, his interest grew in software.
Once he borrowed a programming book from his brother to learn to code. Then He has learned the basic language and Pascal from school and the rest of the languages from google.
When he was 13 years old he used to sell sim cards for a living.
When he was in the 10th class then he wants to make his career in coding. His love for coding increases then onwards.
So in 2009, he went to Kota for preparation of IIT and there he found out that it is the best place to learn to code.
While preparing for exams Ritesh once said that he could not wait every weekend to slip out to Delhi and meet those doing their own things.
When Ritesh was 16 years old, he was selected for an Asian science camp which was organized at the Tata Institute of Fundamental Research(TIFR). He was selected among 240 students.
When he was 19 years old he used to travel a lot and stay in budget hotels and PGs.He used to attend customer calls as he wants to experience everything about budget hotels.
While traveling his interest grew in Entrepreneurship. He used to attend different events on entrepreneurship and learn about it.
These experiences helped him to shift from Oravel to OYO.His curiosity to try new things helped him to become a billionaire at such an early age.
Ritesh Agarwal Education
Ritesh did his schooling from his state Odisha only and then he went to the Indian school of business and finance, Delhi for the degree. But later he dropped out of college.
Ritesh Agarwal Carrer And OYO Success Story
In 2011 Ritesh moved to Delhi for the preparation of the SAT to do further studied in the United States. But later the SAT never happened.
So during that time, he used to study ventures, startups, entrepreneurs, businesses, and Airbnb.
Ritesh Agarwal also joined the University of London but after 3 days only he gets bored and he started taking leaves so that he can focus on his venture and project.
Fortunately, he never went back to university. So after analyzing the market for the hotel industry in India, he noticed that 90% of hotels in the market are budget hotels but the service they provide is not good.
So in 2012, he started his first startup called Oravel stays. It was an aggregator for beds and breakfast stays in India.
In simpler terms, Oravel was a website that enables you to list and book different hotels across India.
Later he got 30 lakhs rupees funding from VentureNursery, which brings storied investors together to nurture new startups.
After that, he also presented his idea in Thiel fellowship, a contest among students under the age of 22 to drop out of college and start there own startup.
He secured his position among the top 10 and received funding of $1,00,000 as well as other resources and guidance. Thief fellowship was organized by PayPal co-founder and Facebook investor Peter Theil.
After receiving a huge amount of money his focus in his venture increased and he started doing more hard work to fulfill his dream.
But in between, he felt wrong and thought that this business model will not work in long term. His growth of business at that time became constant.
Then Ritesh even brought Manish Singha as co-founder of Oravel. They both tried to copy Airbnb's business model but things did not work.
Unfortunately, Manish Singha has to quit the company, and Ritesh was left alone to grow the company to billion-dollar.
So he started to think about the new business model and ultimately found that traveling customers want affordable and comfortable hotel rooms.
But at that time 90% of hotels in the industry were unorganized and were not fulfilling customer satisfaction. The good hotels were expensive.
So he thought to provide both comfort and less price hotel rooms to customers. He also has experience of living in crappy hotel rooms during his college time when he was traveling.
This motivated him and he brought a platform on the Internet to share the details of affordable and good hotels to customers.
In 2013 Ritesh changed his business model and re-named the company from Oravel to OYO.OYO's full form is On Your Own.
OYO is basically a hotel chain that provides basic necessities, comfortable rooms, affordable rooms at a cheaper price. At that time no singe hotel was providing all these facilities.
The hotel which provides comfort and premium services were expensive. So to convert budgeted hotel rooms into premium rooms OYO reached these hotels or hotel owners can also contact their team.
Then OYO sent a group of members to their hotels whose work is to notice changes that can dine in their hotels.
After implementing changes OYO lists their hotel to their online platform and OYO takes some percentage of share from the price of hotel rooms.
This business model really works and it helped Ritesh to become a billionaire.
After the launch, Ritesh invited Bhawna Agarwal who is the CEO of SeventyMM for advising.
They really worked hard and they played smartly to ensure that no work is left behind. They wanted growth with stability.
They increased their team from 5 to 25 and also managed partnerships with dozens of hotels. This really worked and they were able to fulfill customers' demand and could able to meet customer satisfaction.
In 2014, the startup raised 4 crore funding from Lightspeed Venture Partners(LSVP) and DSG consumer partners
Then OYO became a big success and was able to ensure the booking of 1 crore per month.
OYO is a revolutionary startup in India who converted budgeted hotels into branded budgeted hotels.
Now currently in 2020, OYO has more than 10 lakhs rooms in more than 80 countries. It has a topline of 6000 crores. It is spread over 450 cities in India only.
Ritesh Agarwal age
Ritesh Agarwal was born in 1993 so currently as per 2020 hi age is 26 years old.
Ritesh Agarwal Net worth
As per 2020 Ritesh Agarwal net worth is calculated $1.1 billion(7253 crores). He is currently the youngest self-made billionaire in India.
Ritesh Agarwal Achievements
Ritesh Agarwal has won many awards both nationally and internationally. Some of the awards are as follows:
1. TIE-Lumis Entrepreneurial Excellence Award in 2014.
2. Top 50 entrepreneurs in 2013 by TATA First Dot powered by NEN awards.
3. Business world young entrepreneur award.
4. Forbes "30 under 30" in the consumer tech sector.
5. The first resident Asian to win "20 under 20" Thiel Fellowship(2013)
6. At 17, he authored a best-selling book,'Indian Engineering Colleges: A complete Encyclopaedia of Top 100 Engineering Colleges'.
7. One of the '8 Hottest Teenage Start-Up Founders in the World' by Business Insider (2013).
8. Written a book named 'Kaleidoscope' which has around 25 award-winning short stories.
9. World's Youngest CEO at 17(recognized at 16).
10. Finalist of Global Student Entrepreneurship Award-India.
1. TIE-Lumis Entrepreneurial Excellence Award in 2014.
2. Top 50 entrepreneurs in 2013 by TATA First Dot powered by NEN awards.
3. Business world young entrepreneur award.
4. Forbes "30 under 30" in the consumer tech sector.
5. The first resident Asian to win "20 under 20" Thiel Fellowship(2013)
6. At 17, he authored a best-selling book,'Indian Engineering Colleges: A complete Encyclopaedia of Top 100 Engineering Colleges'.
7. One of the '8 Hottest Teenage Start-Up Founders in the World' by Business Insider (2013).
8. Written a book named 'Kaleidoscope' which has around 25 award-winning short stories.
9. World's Youngest CEO at 17(recognized at 16).
10. Finalist of Global Student Entrepreneurship Award-India.
Ritesh Agarwal Quotes
"The reality of startups is that you have failure very often"
"Start small, nail it and then make it big"
"It is extremely important to build something that 100 people absolutely love using rather than make something that a 1000 people would just, kind of, like"
"Don't worry about being successful but work toward being significant and the success will naturally follow"
"Stand alone to stand apart"
"Hire people not for today but for 2-3 years from now and let them grow with the company"
"Your brand reflects your culture, purpose, and identity. It's never too early to start thinking about it"
"You must be willing to stretch out of your comfort zone, take risks, and be emotional(in a good way) about your venture and stakeholder involved."
"Have a passion for solving a big problem and leaving a huge impact. Once you have that, everything else falls into place."
"A founder should be willing to be hands-on during the execution, especially in the early days of a startup."
"Stay away from your family when you are working on a startup. They make your life difficult"
"Start small, nail it and then make it big"
"It is extremely important to build something that 100 people absolutely love using rather than make something that a 1000 people would just, kind of, like"
"Don't worry about being successful but work toward being significant and the success will naturally follow"
"Stand alone to stand apart"
"Hire people not for today but for 2-3 years from now and let them grow with the company"
"Your brand reflects your culture, purpose, and identity. It's never too early to start thinking about it"
"You must be willing to stretch out of your comfort zone, take risks, and be emotional(in a good way) about your venture and stakeholder involved."
"Have a passion for solving a big problem and leaving a huge impact. Once you have that, everything else falls into place."
"A founder should be willing to be hands-on during the execution, especially in the early days of a startup."
"Stay away from your family when you are working on a startup. They make your life difficult"
Interesting facts about Ritesh Agarwal
1. Ritesh Agarwal was not confident about his studies.
He always doubted himself from childhood that he will not prosper in life because of studies.
He says, "I knew if I had gone to college, I would not have done well."
2. OYO does not have any International competition
Ritesh once said that OYO does not have any international competitor so he can grow his business internationally easily.
3. Youngest billionaire In India
In 2020 Ritesh is currently the youngest billionaire in India.
4. Failed six times
Ritesh once said that before starting of OYO he failed six times.
5. Have a simple family background
Ritesh belongs to a Marwari family in Odisha. His family used to run a small shop. So if Ritesh would not have selected his own journey than might have to run his father's shop.
So I hope you like Ritesh Agarwal biography and other details about him and OYO. He is the inspiration for many young and aspiring Entrepreneurs.
If he can achieve such a big success in such a small age then why are you waiting in your home? Go stand and take action. Maybe you can be the next billionaire.
If you like this article then please share it on Facebook, Twitter, Link-din, and other social media platforms.
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FAQ On Ritesh Agarwal Biography
1. Is OYO legal for unmarried couples?.
On OYO's app, you can see a relationship mode. This mode is especially for unmarried couples. No law in India restricts the relationship between unmarried couples.
2. Can we drink alcohol at OYO rooms
No drinking alcohol is prohibited in OYO rooms.
3. Is Ritesh Agarwal married?
No Ritesh Agarwal is not married.No information is available related to his affairs and girlfriends.
4. Who is OYO's owner?
Ritesh Agarwal is the founder and CEO of OYO Rooms.
5. Where is Ritesh Agarwal from?
Ritesh Agarwal is from Bissam, Cuttack, Rayagada in Odisha.
6. Is Ritesh Agarwal a billionaire?
Yes, Ritesh Aggarwal is a billionaire.
Conclusion
If he can achieve such a big success in such a small age then why are you waiting in your home? Go stand and take action. Maybe you can be the next billionaire.
If you like this article then please share it on Facebook, Twitter, Link-din, and other social media platforms.
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29 Memorable Logos With Hidden Meanings.
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