Ritesh Agarwal – CEO of OYO
Ritesh Agarwal, a 25-year-old Indian, is the founder and CEO of OYO Hotel Group. The most expensive hotel in the world. He started his career at the age of 20 to create solutions for those looking for affordable hotels around the world. It is successful in achieving this goal.
Early life
Ritesh Agarwal was born on November 16, 1993 in Bissamcuttack, Odisha, a rural town known for its Naxalite presence. Bissamcuttack is a city where the average salary is less than $10. Poor Ritesh grows up, but he is not like other children his age. He started learning programming at the age of eight and was able to code.
To quench his thirst for action. He picked up his older brother’s books and spent a lot of time at Google learning programming. Google is his best friend these days.
In 2009, Ritesh moved to Kota to study for the IIT-JEE entrance exam. He enrolled in Bansal’s coaching program. Ritesh realized that Kota was a place where coding could be learned. His passion for programming waned over time.
“Indian College of Engineering. A complete encyclopedia of the top 100 engineering schools,” he wrote. On Flipkart, the book was an instant hit. But everything went away soon.
Even his teaching class bought this book because of Ritesh’s picture on the cover. Ritesh graduated from St. Johns Senior Secondary School and came to Delhi for college in 2011. He was accepted into an international program at the Indian School of Business and Finance, University of London.
It never has anything to do with reality. And three days after the start. He took the day off to work on his business idea and never came back!
Agarwal, Ritesh’s success story is full of adventures, challenges and the desire to achieve everything in life.
Interesting facts about Ritesh Agarwal
OYO’s success was driven by Ritesh Agarwal’s vision for his business and his determination to keep striving for greatness. Read on to learn some interesting facts about the man himself. He dropped out of college – Although Ritesh enrolled in a program at the Indian School of Commerce and Finance, his entrepreneurial dreams overtook his academic dreams and he abandoned ship in the middle of his program.
Although he made this decision without hesitation, he realized that he had to make a tough choice to achieve his dream. Oravel before OYO – Ritesh Agarwal visited many countries and before starting OYO he understood the problems of budget hotels.
At the age of 17, he chose to start Oravel Travel which is based on the Airbnb arrangement. Later it changed its original plan to Oravel and became an OYO room. Apart from accessibility issues, budget hotels face many obstacles and OYO plans to address them. Thiel Scholarship Recipient – Ritesh Agarwal is the only Asian to receive a Thiel Scholarship.
For those who don’t know the same, Peter Thiel is the head of the PayPal Foundation which created the Thiel Fellowship. Getting this scholarship means that Agarwal is the one who will benefit from the $100,000 he raised for his startup.
The youngest self-made man – Ritesh Agarwal holds the court as the world’s youngest self-made billionaire and comes second as the world’s self-made billionaire. While OYO may have earned $1 billion in September 2018, after that, Ritesh Agarwal bought shares worth $2 billion in the following year, which was three times his share.
As of 2020, Ritesh Agarwal net worth is INR 7253 crore which is about $1.1 billion which makes him second in the list of self made billionaires after Kylie Jenner as per Hurun Rich List 2020.
Role of technology
Ritesh Agarwal has used technology to boost his business by leaps and bounds.
With the help of modern technology, OYO works with speed and efficiency. Since childhood, Ritesh Agarwal has been so tech savvy that in school he used to code.
This helped him create the best software for his business. This made the OYO people and the hotel owners get good profits, they often work with OYO, and they use OYO to visit other hotels.
For all these technical support, OYO uses the best engineers from various reputed institutes like IIT, etc. OYO uses a real estate app for its employees through which managers can estimate the price of a hotel room in any part of the world.
Success story of OYO CEO Ritesh Agarwal
As we all know, OYO Rooms is a very good startup and the biggest budget hotel in the country. It offers approximately 50,000 rooms in 500 hotels nationwide. OYO’s main mission is not to own a hotel but to partner with various hotels and get more rooms that can be provided to those who want to use OYO’s services.
In terms of budget hotel cleanliness, price and availability, OYO rooms are the best. Ritesh Agarwal’s journey to success was not easy. He faced many difficulties to be successful. Ritesh is very fond of moving to new places and has traveled to many places around the world. Throughout his journey, he encountered many problems related to accommodation. He had to spend a lot of money everywhere, and he couldn’t find a good place to stay.
Sometimes with a small budget he found a better place to live. Such experience was a great inspiration for Ritesh Agarwal to decide to start his own online booking community. Because of this, it can give people a place to live, and this will be on a budget.
