Biography of Ritesh Agarwal

 

Ritesh Agarwal

Birth life

Ritesh Agarwal was born on 16th November 1993. He belongs to a middle-class family. He was born at Bisam in Cuttak, Orrisa. He belongs to a business background. But despite this, his family condition was not good.

Early life

His family background is completely from engineering. So he also decided to take coaching in Kota (Rajasthan) for IIT Entrance Examination. But he did not want to pursue his career in engineering. He wanted to be an entrepreneur.

At that, he also sold the SIM card for his survival. In Kota, he went to Delhi every weekend to see and to learn all about entrepreneurship.

His steps towards success

At the age of 17 years, he launched Oravel, a website designed to enable listing and booking of budget accommodation. This idea came in his mind when he went with his family on a trip and they had to face problems to book hotels and tickets. He was in love with a computer at the age of just eight years. He learned computer languages.

At the age of 19, he started to travel budget hotels and attended calls of the customer. He wanted to experience all about the expectation of customers.

He saw a movie 'the social network". In this movie the story of Mark Zuckerburg (founder of Facebook) explained. In this movie a person, Peter Thiel gave $100,000 to Zuckerburg to start his business. He thought that if someone gave him money too then he could easily start his business. He then applied for the Peter Thiel fellowship. Actually, there are certain to get a loan from this fellowship. The first one is the person should be under the age 20 and the second one is the person who has to drop out of college.

OYO

The Thiel Fellowship is a two-year program wherein fellows receive $100,000 and mentorship from the foundation's network.

Ritesh Agarwal was the first Indian who was selected in the Thiel fellowship. He dropout from college and focused completely on his business.

In 2013, he pivoted Oravel to OYO. At that time he earned only three lakh rupees from which he invested two lakh rupees and left with 1 lakh rupees. He got an idea to lease big buildings. At Starting his first project was successful. After that one by one, a lot of projects came but were unsuccessful due to a very short team. He got Manish Sinha as the co-founder but unfortunately, he quit. He did a lot of hard work but his hard work was not enough due to a lack of staff. He then decided to increase his staff and appointed more than 100 members in just one month. He did non-stop and found a lot of innovative ideas to make a good, affordable hotel to stay.

The present position of OYO

At the present time, OYO rooms are the largest venture in India and out of India. OYO refers to "On Your Own." It is the world's 3rd largest by room count and fastest-growing chain of leased and franchised hotels, homes, and living spaces. In India, OYO is at number 1 position in the largest room chain. OYO comes in the top 5 in China. There is a lot of backend support of OYO like Softbank Group, Greenoaks Capital, Sequoia Capital, and lightspeed India.

OYO rooms have good service. OYO has its own app in which you can find your affordable hotel with quality. He believes in teamwork. He always explains the mistakes that his staff do and tell them to correct. He is very soft towards his staff. If you have the ability then you can contact him.

His Success

👉OYO currently present in more than 800 cities in 80 countries.

👉He became the youngest to find place Hunrun's rich list of 2018 at the age of 24.

👉His current net worth is Rs. 2600 cr.

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