Ritesh Agarwal Explained

Ritesh Agarwal
Birth Date:16 November 1993
Birth Place:Bissam Cuttack, Orissa (present day Odisha), India
Years Active:2012 - present
Organization:OYO Rooms
Television:Shark Tank India (2024–)
Awards:Thiel Fellowship, Business World Young Entrepreneur Award[1]

Ritesh Agarwal (born 16 November 1993) is an Indian billionaire entrepreneur[2] and the founder and CEO of OYO Rooms. He has been a panellist on Shark Tank India (season 3) in 2024.[3] Agarwal listed among Top 10 youngest Indian billionaires in Hurun Rich List of India 2024, with $225 million (1,900 crore) net worth[4] [5]

Personal life

Ritesh Agarwal was born in a Marwari family[6] in Bissam Cuttack, Orissa, India and was brought up in Titilagarh.[7] [8] [9] [10] [11] His family operated a small shop in Rayagada, Odisha. He completed his schooling at Sacred Heart School, and later at St. John's Senior Secondary School, before moving to Delhi in 2011 for college.[12] [13]

Agarwal married Geetansha Sood, a native of Lucknow, on 7 March 2023.[14] [15]

Career

In 2011, Agarwal founded an Airbnb equivalent called "Oravel Stays".[16] [17] Agarwal's enterprise was accelerated through the Venture Nursery program in 2012, and was later one of the winners of the 2013 Thiel Fellowship, receiving a grant.[18] [19] The company launched as OYO Rooms in May 2013.[20] [21] [22]

By September 2018, the company had raised billion.[23] In July 2019, it was reported that Agarwal purchased billion in shares, tripling his stake in the company.[24] [25] [26]

He appeared on the Forbes 30 Under 30 list for Asia.[27]

In 2023, Agarwal became the youngest "Shark" to appear on Shark Tank India.[28]

In 2024, Agarwal continued to lead OYO Rooms as it built on its success from the previous year. The company focused on expanding its presence in key international markets, particularly in the Nordic countries, Southeast Asia, the United States, and the United Kingdom, where it had seen strong growth. Agarwal also made headlines for his prediction that spiritual tourism would become a significant driver of India’s tourism industry over the next five years. His insights were supported by data showing a 70% surge in bookings for holy destinations like Ayodhya on New Year’s Eve, surpassing popular tourist spots such as Goa and Nainital. [29]

In May 2024, OYO reported its first-ever profit after tax (PAT) of crore for the financial year 2023-24, according to the company's annual report. This comes on the back of eight consecutive quarters of positive adjusted EBITDA, the company stated. OYO's adjusted EBITDA grew by 215% to reach crore in FY24, up from crore in FY23. [30]

Controversies

Allegations of cheating by OYO's co-founder

Agarwal is accused of cheating by OYO's co-founder, Manish Sinha, during the early period of the company.[31] But the company denies all the charges against founder.[32]

Television series

Notes and References

  1. Web site: Ritesh Agarwal . Forbes . 27 November 2020.
  2. News: From being the richest shark to having a whopping net-worth of approximately Rs 16000 crores: Lesser known facts about Shark Tank India 3's Ritesh Agarwal . The Times of India . 24 February 2024 . 18 March 2024.
  3. News: Mukhopadhyay . Sounak . 31 January 2024 . Ritesh Agarwal picks Bollywood actors who can be great Sharks . Mint . 1 February 2024.
  4. News: Oberoi . Rahul . 3 September 2024 . This 30-year-old cyber security expert joins OYO's Ritesh Agarwal in Hurun youngest rich list . Business Today . 9 September 2024.
  5. News: Gupta . Cherry . 4 September 2024 . Top 10 youngest Indian billionaires in 2024: Zepto founders lead the ranking . The Indian Express . 9 September 2024.
  6. News: Chowdhry . Seema . Khurana . Chanpreet . Entrepreneurs The company of teens . 15 February 2022 . Mint . 30 November 2013 . en.
  7. Web site: Here are 6 interesting facts you didn't know about OYO founder Ritesh Agarwal. live. https://web.archive.org/web/20190729005356/https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms. 29 July 2019. 29 July 2019. Business Insider.
  8. News: 6 October 2015. 21-Yr-Old Start-Up Entrepreneur Ritesh Agarwal Started By Selling SIM Cards In Rayagada. en. The Times of India. live. 29 July 2019. https://web.archive.org/web/20190818171117/https://timesofindia.indiatimes.com/city/bhubaneswar/Runaway-to-riches-OYO-Rooms-founders-story/articleshow/49243804.cms. 18 August 2019.
  9. Web site: 25 July 2019. His ₹30 lakh stake in Oyo would have been thousands of crores today but.... live. https://web.archive.org/web/20190729065521/https://www.livemint.com/companies/start-ups/his-rs-30-lakh-stake-in-oyo-would-have-been-thousands-of-crores-today-but-1564039376738.html. 29 July 2019. 29 July 2019. livemint. en.
  10. Web site: Chengappa. Sangeetha. For OYO's Ritesh Agarwal, there is more room for growth. live. https://web.archive.org/web/20190721010902/https://www.thehindubusinessline.com/companies/for-oyos-ritesh-agarwal-there-is-more-room-for-growth/article25041007.ece. 21 July 2019. 29 July 2019. @businessline. 25 September 2018 . en.
  11. Web site: OYO raises $1 billion fund: How 24-year-old Ritesh Agarwal turned his idea into India's second most valuable start-up. 29 July 2019. Firstpost. 27 September 2018 .
  12. Web site: Debusmann. Bernd Jr.. Too many entrepreneurs give up, says Oyo CEO Ritesh Agarwal. live. https://web.archive.org/web/20190715154314/https://www.arabianbusiness.com/travel-hospitality/423828-too-many-entrepreneurs-give-up-says-oyo-ceo-ritesh-agarwal. 15 July 2019. 29 July 2019. ArabianBusiness.com. 15 July 2019 . en.
  13. News: Ritesh Agarwal: Interesting facts about oyo founder ritesh agarwal. Business Insider.
  14. News: OYO boss Ritesh Agarwal ties the knot with fiancee Geetansha; Softbank CEO, Paytm boss attend reception . 21 June 2023 . The Economic Times . 8 March 2023.
  15. News: Who is OYO founder Ritesh Agarwal's wife, Geetansha Sood? - OYO founder's wife . 21 June 2023 . The Economic Times . 10 March 2023.
  16. Web site: If you meet a 17- or 18-year-old entrepreneur, just invest in their firm. 9 July 2019. en. 29 July 2019. https://web.archive.org/web/20190729010354/https://www.livemint.com/companies/news/-if-you-meet-a-17-or-18-year-old-entrepreneur-just-invest-in-their-firm-1562613919475.html. 29 July 2019. live.
  17. News: Ritesh Agarwal's Cayman based firm to bring funds to Oyo. 17 July 2019. The Economic Times. 29 July 2019. https://web.archive.org/web/20190720093159/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/new-cayman-base-to-bring-funds-to-oyo/articleshow/70253747.cms. 20 July 2019. live.
  18. News: Meet OYO Rooms' Ritesh Agarwal: The dropout who dined with Peter Thiel. Menon. Rashmi. 19 August 2015. The Economic Times. 29 July 2019. https://web.archive.org/web/20190729054437/https://economictimes.indiatimes.com/magazines/panache/meet-oyo-rooms-ritesh-agarwal-the-dropout-who-dined-with-peter-thiel/articleshow/48536789.cms. 29 July 2019. live.
  19. Web site: Oravel founder Ritesh Agarwal wins Thiel Fellowship. Bergen. Mark. 10 May 2013. Livemint. en. https://web.archive.org/web/20190720180638/https://www.livemint.com/Companies/ZbqDGYUN0yfhtB2syOIDVP/Oravel-founder-Ritesh-Agarwal-wins-Thiel-Fellowship.html. 20 July 2019. 29 July 2019. live.
  20. Web site: Ritesh Agarwal's OYO, SoftBank set up investment vehicle, seek CCI approval for increasing stake in Oravel Stays. 16 July 2019. The Financial Express. en-US. 29 July 2019. https://web.archive.org/web/20190729010354/https://www.financialexpress.com/industry/sme/ritesh-agarwals-oyo-softbank-set-up-investment-vehicle-seek-cci-approval-for-increasing-stake-in-oravel-stays/1645590/. 29 July 2019. live.
  21. News: OYO manages more rooms in China than in India. Gooptu. Biswarup. 21 November 2018. The Economic Times. 29 July 2019. https://web.archive.org/web/20190729054438/https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-manages-more-rooms-in-china-than-in-india/articleshow/66725906.cms. 29 July 2019. live.
  22. Web site: This is how 24 year-old Ritesh Agarwal built OYO Rooms a $5 billion hotel chain in just five years. 26 September 2018. The Financial Express. en-US. 29 July 2019. https://web.archive.org/web/20190729062517/https://www.financialexpress.com/industry/this-is-how-24-year-old-ritesh-agarwal-built-oyo-rooms-a-5-billion-hotel-chain-in-just-five-years/1327354/. 29 July 2019. live.
  23. Web site: How 24-year-old Ritesh Agarwal built Oyo into a $5 billion startup in just 5 years. Bloomberg. Saritha Rai. 26 September 2018. www.livemint.com. en. https://web.archive.org/web/20190416074446/https://www.livemint.com/Home-Page/mOub1Fgn8EDw9gtYigaqHN/How-24yearold-Ritesh-Agarwal-built-Oyo-into-a-5-billion-s.html. 16 April 2019. 29 July 2019. live.
  24. Web site: Oyo founder Ritesh Agarwal to triple his stake with $2 bn share buyback. Chaudhary. Deepti. 19 July 2019. en. 21 July 2019. https://web.archive.org/web/20190721010858/https://www.livemint.com/companies/start-ups/oyo-founder-ritesh-agarwal-to-triple-his-stake-with-2-bn-share-buyback-1563529810359.html. 21 July 2019. live.
  25. Web site: India's Oyo valued at $10B after founder purchases $2B in shares. TechCrunch. 19 July 2019 . en-US. 21 July 2019.
  26. News: OYO founder Ritesh Agarwal to buy back shares from early investors for USD 2 bn - Times of India. The Times of India. 19 July 2019 . 21 July 2019. https://web.archive.org/web/20190806182235/https://timesofindia.indiatimes.com/business/india-business/oyo-founder-ritesh-agarwal-to-buy-back-shares-from-early-investors-for-usd-2-bn/articleshow/70291363.cms. 6 August 2019. live.
  27. News: 30 Under 30 2016 Asia: Consumer Tech . Forbes . en.
  28. News: Shark Tank Indian 3: All you need to know about 29-yr-old Ritesh Agarwal; the youngest Shark to join the panel . The Times of India.
  29. Web site: 2 January 2024 . '80% more users are searching for stays in Ayodhya': OYO's Ritesh Agarwal on New Year's Eve booking . 22 August 2024 . Business Today . en.
  30. News: Chaturvedi . Anumeha . 14 August 2024 . Oyo reports first-ever PAT of Rs 229 crore . 22 August 2024 . The Economic Times . 0013-0389.
  31. News: Mishra. Ashish. Will the real Ritesh Agarwal please stand up. 24 October 2021 . Mint. 7 January 2015 . en.
  32. Web site: Chaturvedi . Anumeha . Oyo denies charges against founder, staff . The Economic Times . 7 September 2019.
  33. News: Shark Tank Indian 3: All you need to know about 29-yr-old Ritesh Agarwal; the youngest Shark to join the panel . The Times of India . 7 October 2023 . 13 November 2023 . 0971-8257.

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