Ritesh Agarwal became an entrepreneur at the age of 17 and subsequently became a millionaire at the age of 22.
He is the CEO and founder of OYO Rooms, a startup that changed the hospitality industry in India forever. Making use of the rampant spread of internet in India, Ritesh set up budget hotel rooms across the city and an online website and app that let people book cheap but high-quality hotel rooms.
Starting out with a couple of rooms in the capital city of Delhi, Ritesh’s startup now has 65,000 rooms on its catalogue.
OYO functions exactly like a hotel, only the customer is assured certain basic services in all the OYO hotels across the country, such as wifi, Air conditioning etc.
The company does not own any real estate but works by franchising existing hotels and guesthouses.
Oyo Rooms – a network of 2,200 hotels operating in 154 cities across India boasts of monthly revenues of $3.5m and 1,500 employees. It also features among the companies which are tipped to become the next start-up unicorns according to CB Insights research’s findings, published in The New York Times.
It has raised a total of $125million of funding in 4 rounds from 7 investors. Agarwal has won many awards and accolades for his work including the Business World Young Entrepreneur Award. He is a regular speaker at entrepreneurial conferences and institutes across India and the world and a fellow of the Thiel Foundation.