Bengaluru, INDIA-11th August 2019.
Founder and CEO of OYO Rooms, the fastest growing network of hotels and lodging spaces in the country, Ritesh Agarwal is one of the most inspiring people for the youth. A college dropout at 17 with a vision to redefine the hotel industry in India, he has managed to grow a business of $400 million at the mere age of 22. If you happen to visit any historical monument in the country, for instance, Taj Mahal, you can be sure to easily find a budget-friendly, well-kept and beautifully furnished hotel room with courteous staff within the range of a few kilometers.
Born to a business family in Orissa, he had a keen interest in software and computer technology since childhood. He was motivated to start OYO Rooms so that he could be in control of the TV remote, which wasn’t possible when he stayed with relatives when he was a child, he said in an interview. He grew up munching on the idea of coding and starting up something of his own and was severely inspired by Airbnb and entrepreneurship.
He later went on to join the University of London for the course of Indian Business School but quit it in three days to kickstart his new journey. Ritesh always felt that the so-called budget hotels in India were inefficient, unorganized and failed to even meet the basic needs of a budget traveler. Hence, he ventured out with Oravel Stays in 2012 to make the most out of this opportunity and managed to secure funding of 30 lakhs from Venture Nursery, an accelerator firm which brought together a bunch of investors to establish and nurture startups.
He also managed to reach among the top 10 winners and received a sum of $100,000 from Peter Thiel (the Co-Founder of PayPal and an early investor in Facebook) which inspired him to work even more rigorously for his dream. He relaunched Oravel as OYO Rooms in 2013 which means “On Your Own” – nothing but a simple idea to create India’s largest chain of efficient, organized and standardized budget rooms.
Ritesh was not only the one to dream big but also kept a vision to realize his dreams. His life is a perfect example of how young minds can aspire to make it big in life and turn their night dreams into sweet realities of the day.
To connect with Mr. Ritesh Agarwal and know about his journey and experiences, visit Xpert.