Blog

Ritesh Agarwal’s name suddenly became popular over the internet in 2012 because he became the second youngest self-made billionaire in the world. Many people want to know about him. If you want to know more about him and did not get all the details like Biography, Net Worth 2023, Age, Education, Family and more then you will get all the information here.

Success Story of Ritesh Agarwal

A young man who is both a billionaire and the founder and CEO of OYO Rooms, the fastest-growing brand hotel network both online and offline. Ritesh Agarwal, a tall and slim young man, is known for having achieved considerable success in life at a very young age.

How did Oyo rooms start?

Ritesh decided to move to Delhi after completing his schooling. He launched his own business there in 2011. Additionally, he was getting ready for the SAT to continue his education in the US, but it never happened. He had thought of providing for the very basic requirements of budget travelers.

Ritesh began utilizing this chance in 2012 to launch his first business, “Oravel Stays,” a collection of bed and breakfasts. For those looking for short- or medium-term rentals, it was intended to be the location of bed & breakfast establishments offering serviced flats or private rooms.

Within a short period of time, he was able to get funding from Venture Nursery in the amount of Rs. 30 lakhs, which brought together a group of story-backed investors to support companies. With money in his pocket, he was able to pitch his innovative concepts to the Thiel Fellowship, a global competition for college students under the age of 20. He received financial profit.

OYO Rooms details

Oyo is slang for by yourself. Ritesh was able to empathize with and realize the struggle of those who traveled to various locations but were forced to stay in terrible accommodations due to a lack of money. To gather opinions and firsthand accounts from the social network on all the places they had visited, he developed an online platform. He renamed Oravel Oyo rooms in 2013.

The aim to build India’s largest scene of standardized, effective rooms where varied services and demands are met at fairer costs than ever before is what led to the company crossing gross billing of more than 1 crore every month.

Let’s see the Quick info of Ritesh Agarwal in the table down below.

Personal Information and Education

Awards

• Ritesh Agarwal was featured in the Bloomberg 50 list as ‘The Amazingly Ambitious Hotelier.’ (2019)

• The 50 Most Powerful People in India by India Today and the Tycoons of Tomorrow’ by Forbes India (2019)

• Market Entrant of the Year 2019 (UK-India Awards)

• Fast Company’s World’s Most Innovative Companies for 2019

• Best Startup – SATTE Awards 2019

• OYO topped the maiden list of LinkedIn’s Top Startups in India (2018)

• LinkedIn has recognized OYO as one of the top employee attractors in India four years in a row (2016, 2017, 2018, 2019)

• OYO among Top 10 Most Innovative Companies in India (2018)

• Startup of the Year at The Economic Times Startup Awards (2018)

• TiE’s QGlue Design-led Entrepreneurship Awards (2018)

• New Age Entrepreneur Award by Asian Centre for Corporate Governance & Sustainability (2016)

• OneDirect Quest CX Award for Best Use of Social Media (2016)

• No. 2 in BT Coolest Start-ups Survey (2016)

• Startup of the Year – Express IT Award (2015)

• TiE-Lumis Entrepreneurial Excellence Award (2014)

• ’20 Under 20’ Thiel Fellowship (2013)

• Top 50 Entrepreneurs (2013) TATA First Dot Awards

• Finalist of the Global Student Entrepreneurship Awards

• Global Student Entrepreneur Awards

• 8 Hottest Teenage Start-Up Founders (2013), Business Insider

Physical Information

Family Information

Properties and Net worth

Favorite things

Social media

Facts

• Oyo founder Ritesh Agarwal is a different personality from others. He is excellent in the field.

• Ritesh was just 8 years old when he started programming and coding.

• He is the first Indian citizen to get a prestigious prize like thiel fellowship. He got it when he was just 19 years old.

• Ritesh Agarwal, the founder of Oyo, used to set up the Oyo while putting in 16 hours a day of work. This shows that perseverance is necessary for success and pays off in the end.

• Donald Trump also paid tribute to Ritesh Agarwal when he visited India.

• Ritesh Agarwal, the founder of Oyo, began selling SIM cards when he was just 13 years old. At the age of 27, he has a mind-boggling net worth of billions.

• He was chosen at the age of 16 to attend the Tata Institute of Fundamental Research Asian Science Camp in Mumbai.

• Oyo has also become popular in several other nations, including China, Malaysia, Nepal, the United Kingdom, Saudi Arabia, and the United Arab Emirates.

Controversies

• Ritesh Agarwal, who co-founded the company with Manish Sinha, is accused of scamming Sinha in the beginning.

• At Oravel, he had some difficult relations with his co-founders and staff. Some even claim that Ritesh is a blatant liar who is unable to code. A Gujarat-based technology company NCrypted Technology CEO Kunal Pandya claimed that Ritesh had been granted a license to use his vacation rental service “BistroStays” in exchange for certain shares, although this never actually occurred.

• Following a businessman’s complaint, Bengaluru Police arrested Ritesh and two of his representatives in September 2019 for fraud and criminal breach of trust. Natarajan V R S, an ex-serviceman, claimed in his lawsuit that he owns and operates the Rajguru Shelter Hotels in Whitefield’s BEML Layout. In June 2017, he made a deal with Ritesh Agarwal under which Oyo would grant them reservations, keep 20% of the stock, and give him the remaining 80%. However, Agarwal and his agents ended up keeping the entire 80% of the stock instead of just 20%. He claimed that Ritesh and his associates cheated him of more than Rs. 1 Crore. Ritesh and his associates were arrested by the Whitefield Police for violating IPC Sections 406 for criminal breach of trust and 420 for cheating.

• With hotel owners in the US, Oyo founder Ritesh Agarwal entered into contracts through his company Oyo under which the owners’ buildings would be rebranded under the Oyo name in exchange for money and an income guarantee. Agarwal neglected to mention, meanwhile, that Oyo was fined $200,000 by California authorities in March 2019 for being unable to run a franchise business there. Oyo received a cease-and-desist order from Washington authorities after it was established that the company made offers to various hotel owners and managers without being legally registered.

• In September 2020, a businessman from Chandigarh accused Oyo founder Ritesh Agarwal in Dera Bassi of fraud and conspiracy under IPC 420 for cheating and 120 B for criminal conspiracy.

• 10,000 hotel owners in India disagreed with Oyo. When hotels join up for Oyo, they say that the company steals 50% or more of the revenue through hidden fees.

• In October 2019, hotel owners allegedly filed police charges accusing Oyo of fraud in Bangalore, Mysore, and other Karnataka towns. The latter, though, was successful in one case with his petition for a Bangalore stay order.

FAQs