Inspiring Success Story of Ritesh Agarwal (Oyo)
Ritesh Agarwal was born on 16 November 1993 in Bisam Cuttack, a small town in Orissa. Oyo Rooms founder Ritesh has also joined the Hurun Global Rich List 2020.
Startup Journey of Ritesh Agarwal
Ritesh Agarwal was born in a small town Bisam Cuttack in Odisha.
Ritesh Agarwal was born on 16 November 1993 in a small town Bisam Cuttack in Orissa. Oyo Rooms founder Ritesh Hurun has also joined the Global Rich List. According to this list, Agarwal is the youngest billionaire in the world. You can gauge his success from the fact that at the age of just 24, Agarwal had a property worth about Rs 7,800 crore.
Ritesh got his business idea from the hobby of traveling
Before starting Oyo Rooms, Ritesh started an online room booking company called Orval Stays in 2012. This idea of Ritesh was so unique that after being impressed by it, Manish Sinha of Gurgaon invested in Orval and became the co-founder. At the same time, in 2013, Ritesh changed this company to Oyo Rooms.
It is said that Ritesh is very fond of traveling and this hobby gave him a unique business idea. Actually, this is around 2009 when he got a chance to go for a walk in the mountains. While roaming around, he realized that there is a lot of trouble in arranging the room. Sometimes you get a bad room by paying more money and sometimes you get a good room by paying less. It was from here that a unique business idea was born in his mind and he created a successful company in the form of OYO Rooms.
Ritesh did his early education at a school in his own district and after that, he went to Delhi for further studies. In Delhi, Ritesh took admitted to the Indian School of Business Academy but something else was going on in his mind and he dropped out midway.
Ritesh has been idolizing Vedanta’s Anil Agarwal, Steve Jobs, Mark Zuckerberg, and Bill Gates from a young age. Let us tell you that Ritesh is currently leading a team of people who have studied at institutions like IITs and IIMs. In an interview, Ritesh said that dropouts are made fun of in India and they are not considered intelligent at all. He believes that in the next few years, some more dropouts will earn a name in India.
When Oravel Stays became Oyo Rooms
Ritesh did not get discouraged by the failure of his start-up and thought of revisiting the plan adopted by himself to overcome its shortcomings.
This made him realize that getting or not getting rooms in cheap hotels in India is not a problem, in fact, the lack of hotels is not able to provide the best basic facilities for less money. Reflecting, he also recalled the experiences of staying in budget hotels during his travels when he sometimes got dirty and smelly rooms after paying a lot, and sometimes he could get comfortable and comfortable rooms for less money.
These things again inspired him to make new changes in Oravel Stays and present it in a new form keeping in mind the facilities of the travelers then what was Oravel launched again in the year 2013 but this time with a completely new name and purpose. with. Now the new name of Oravel was Oyo Rooms (Oyo Rooms). Which means “your own room”. The purpose of OYO Rooms is no longer just to provide travelers with a room in a hotel.
Now he started taking care of the quality of the hotel rooms and the basic facilities available there and for this, the company also set some standards. Now any hotel who wants to offer their services by association with OYO Rooms. First, he has to contact the company. After this, the employees of the company go to that hotel and inspect the rooms and other facilities there. Only if that hotel meets all OYO standards can it be associated with OYO, otherwise not.
The success of Ritesh Agarwal
This time Ritesh did not want to repeat the mistakes of the past. So he tried to get to know the specifics of the business in the best way possible by meeting Bhavna Aggarwal, CEO of a business firm – SeventyMM. This advice went a long way in helping him make sound decisions for the company. Initially, Oyo Rooms continued to get customers, so they tied up with about a dozen hotels.
This time Ritesh’s hard work paid off and everything happened as he wanted. Travelers have come to love this service with great features at affordable prices. Gradually, the number of employees in the company increased from 2 to 15, 15 to 25 to meet the demands of the customers. Presently the number of employees in OYO is more than 1500.
In 2014, a year after the company was established, two big companies Lightspeed Venture Partners (LSVP) and DSG Consumer Partners invested Rs 4 crore in Oyo Rooms. In the current year 2016, Japan’s multinational company Softbank has also invested 7 billion rupees. Which is a huge achievement for a new company.
The thing that has inspired Ritesh Agarwal to take the company further is the booking of more than Rs 1 crore by customers every month.
Today, in just 2 years, Oyo Rooms has become the country’s largest company providing rooms to the people at comfortable and cheap prices with a chain of more than 15000 hotels (1000000 rooms). This company of Ritesh Agarwal is one of the top start-up companies in India. In the same year, the company started providing its services in Malaysia and is going to reach out to other countries in the coming time.
the month of (July 2, 2016), the prestigious international magazine GQ (Gentlemen’s Quarterly) has included Ritesh Agarwal in the list of 50 Most Influential Young Indians: Innovators. This list includes those young innovators who make people’s lives easier with their new thinking and ideas.
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