Ritesh Agarwal, born on November 16, 1993, in Bissam Cuttack, Odisha, is a name synonymous with innovation in the hospitality industry. Growing up in a family that ran a small shop, he was exposed to entrepreneurship early on. At just 13, Ritesh began selling SIM cards, showcasing his entrepreneurial spirit and drive.
Dropping Out, Taking The Plunge
After completing his schooling at St. John's Senior Secondary School, he moved to Delhi for higher studies but quickly dropped out to pursue his passion for business. In 2012, Ritesh launched Oravel Stays, a budget accommodation portal inspired by his experiences traveling across India.
His venture caught the attention of investors, leading him to become the first Indian recipient of the Thiel Fellowship in 2013, which provided him with $100,000 to further his entrepreneurial dreams.
From Oravel To OYO
In May 2013, Ritesh rebranded Oravel as OYO Rooms (which stands for "On Your Own"), and the company took off rapidly. OYO aimed to standardize budget accommodations and make them accessible to travellers seeking quality stays at affordable prices. Under his leadership, OYO expanded from a single property to over 43,000 hotels globally within just a few years.
The Challenges; The Victories
Ritesh's journey wasn't without challenges. He faced scepticism from investors and financial constraints during OYO's early days. However, his determination and innovative approach led to significant funding rounds, including a massive $1 billion raised by September 2018 from major investors like SoftBank.
World’s Largest Hospitality Chain
Today, OYO is recognised as one of the world's largest hospitality chains, operating in multiple countries including Malaysia, Nepal, and the UK. Ritesh's vision has transformed the way people find and book accommodations, making travel more accessible for everyone.
The Young Billionaire
As of January 2025, Ritesh Agarwal's net worth is estimated to be around $1 billion, marking him as one of India's youngest self-made billionaires. His story is not just about financial success; it embodies the spirit of resilience and innovation that inspires countless young entrepreneurs around the globe. Ritesh continues to lead OYO with a focus on expanding its reach and improving customer experiences in the hospitality sector.
