Summary

Ritesh Agarwal, born in Odisha, is the founder and CEO of OYO Rooms. He has built India’s largest network of leased and franchised hotels, homes and living spaces. As of 2024, Ritesh Agarwal is among the top 10 youngest billionaires in India.

Ritesh Agarwal completed his schooling from St. Johns Senior Secondary School and moved to Delhi for college but dropped out soon to launch OYO Rooms. In 2013, he became the first Indian to be selected for the Thiel Fellowship.

Personal Information

Achievements

• 2013- Ritesh Agarwal was the first Indian to win the Thiel Fellowship.
• 2016- Ritesh Agarwal was part of the 30 under 30 list in Forbes Asia.
• 2018- He became the youngest self-made billionaire in India.
• 2019- Ritesh Agarwal purchased $2 billion worth of shares, tripling his stake in OYO Rooms.
• 2023-He joined Shark Tank India and became the youngest “Shark” to appear on the show.

Major Events Timeline

• 2012: Ritesh Agarwal launched Oravel Stays which aimed to aggregate budget accommodations in India.
• 2013: Oravel Stays was rebranded as OYO Rooms, and a website for the new brand was launched.
• 2014: OYO Rooms received $650,000 in Series A funding from Sequoia Capital and Lightspeed Venture Partners.
• 2015: OYO Rooms received $25mn in funding, launched the OYO App and expanded to 100 cities. OYO Rooms received $25mn in funding, launched the OYO app, and expanded to 100 cities.
• 2016: OYO Rooms received its 1 millionth customer and expanded its operations in Malaysia.
• 2018: OYO Rooms expanded to China, Indonesia and the UK and became a unicorn start-up by raising $1 billion in funding from SoftBank Vision Fund.
• 2019: Under Ritesh Agarwal’s leadership, OYO Rooms acquired @Leisure Group, an Amsterdam-based vacation rental company for an estimated $415 million
• 2024: According to their annual report, OYO Rooms reported its first ever profit after tax of Rs 229 crores.

Challenges & Controversies

Numerous hospitality partners have accused OYO Rooms of imposing arbitrary fees and hidden charges, adversely affecting their revenues. Allegations included unilateral changes to agreements and threats of withholding payments which lead to strained relationships with property owners.

OYO Rooms also faced criticism due to inconsistent quality control and customer service and reports of unlicensed hotels. This led to safety concerns, with some properties allegedly operating without proper permits.