Ritesh Agarwal, the founder and CEO of OYO Rooms is India’s youngest self – made billionaire according to Hurun Global Rich list 2020. Dropping out of college at the age of 18, he founded Oravel Stays which was the Indian version of the model of home sharing portal AirBnB. Oravel was pivoted to OYO which means “On Your Own” in 2013 and it is now the largest hotel network in India spanning over 100000 rooms in over 300 cities.
Recently Ritesh is planning for a buyback of $1.5 billion from early investors Sequoia Capital and Lightspeed and an additional injection of $500 million into the company. The buyback will increase his shareholding from 10% to 30%. The buyback will be financed by two Japanese banks Nomura and Mizuho. The greater stake will help him exercise more control. He is also looking forward for aggressive international expansion of OYO.
Being an MBA student, I was interested in the entrepreneurial journey of Ritesh Agarwal, whose strong leadership helped in establishing such a successful startup. I got connected to my idol at Xpert, world’s first social learning app. I learned a lot from the news, articles and interviews about him on Xpert. Not only I could know about his success story, but also his future plans of expanding OYO increasing his stakes in the company.
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