Why did Ritesh Agarwal started OYO Rooms?

Travelling across India at the age of 17, Ritesh stayed in more than 100 bed and breakfasts, guest houses, and hotels to realize there was a massive dearth of affordable and good-quality hotels in the budget hotel category. He believed that everyone deserves a beautifully designed, chic and comfortable living space.

Why did Ritesh Agarwal started OYO?

Ritesh Agarwal a 25-year-old billionaire from India is the founder and CEO of the world's most affordable hotel chain, OYO. He started his journey at the age of 20 with a vision of creating a solution for people looking for affordable hotels around the globe and he is on the path of success to achieve his goal.

How did he start OYO?

Ritesh Agarwal, a college drop-out, always had the intention to start something of his own. At the mere age of 17 years, in 2011, he came up with the idea of Oravel stays which was later re-launched in 2013 as, what we know today, OYO Hotels & Homes.

How did Ritesh Agarwal start his business?

Career. Agarwal started a budget accommodation portal, Oravel Stays, for booking budget hotels. It was accepted into the accelerator program by Venture Nursery in September 2012, and later was one of the winners of the 2013 Thiel Fellowship program, receiving a grant of $100,000.

Why is OYO so successful?

It focuses on standardizing the hotels in the non-branded hospitality sector. Oyo rooms has been one of the most successful ventures as it has managed to solve the issue of affordability, cleanliness as well as availability of budget hotels across all Tier-I and Tier-II cities in the country.

The OYO Rooms Story By Ritesh Agarwal | How I Built India's Largest Hotel Chain At 21

What is OYO full form?

OYO Rooms stands for On Your Own Rooms. It is India's largest hotel network which is spread over 199 cities. It is headquartered at Gurugram in Haryana. It aims is to become world's most loved hotel brand. OYO has more than 6500 hotels which offer standardized and comfortable stay at an unmatched price.

Is Ritesh Agarwal from IIT?

Ritesh Agarwal, OYO Rooms

He is not only the first Indian to win the Theil Felloship but also found a mention in Forbes 30 under 30 Young Achievers List. And, he did all this without going to IIT. Infact, he dropped out of Indian School of Business and Finance, Delhi.

How did Ritesh Agarwal get funding?

His early efforts did not go unrecognized and landed him a Thiel Fellowship, a two-year program from PayPal co-founder Peter Thiel that grants 20 teenage entrepreneurs $100,000 and the mentorship of trailblazers like Facebook's Mark Zuckerberg and SpaceX's Elon Musk.

Is Ritesh Agarwal on Instagram?

Ritesh Agarwal (@riteshagar) • Instagram photos and videos.

What is the main purpose of OYO Rooms?

Oyo is primarily responsible for providing a comfortable room stay and for ensuring the acceptability of the services as promised by Oyo to its customers. Oyo has right to direct the Hotel owners to provide the room stay services to Oyo's customers.

Is Ritesh Agarwal a billionaire?

In the year 2020, Ritesh Agarwal's net worth was around INR 7,253 crore which is $1.1 billion dollars making him the world's youngest self-made billionaire after the effervescent Kylie Jenner. The company has more than 72,000 rooms in 8000 hotels across 250 towns in India.

Is OYO a failure?

The issues between the two companies date back to 2015 after merger talks between Zo Rooms and Oyo failed. In March this year, a Supreme Court-appointed arbitrator said Oyo was in breach of its agreement for the acquisition of Zo Rooms, adding the latter can proceed to execute the definitive agreement.

What does Ritesh Agarwal father do?

Ritesh Agarwal has his Mother, father and also has siblings but much his family members is not known as much of the information is personal and private. Ritesh Aggarwal Father does job in infrastructure Corporation and his mother is a housewife.

What is the salary of Ritesh Agarwal?

According to the Draft Redding Herring Prospectus Oyo filed on Friday, the salary of the firm's founder Ritesh Agarwal rose eightfold to Rs 1.62 crore in financial year 2020-21 from Rs 21.5 lakh the previous year.

When did Ritesh Agarwal started OYO?

He believed that everyone deserves a beautifully designed, chic and comfortable living space. And everyone deserves a better life. That's how OYO was launched in May 2013. OYO today is the world's leading chain of hotels, homes, and spaces.

How Ritesh Agarwal started OYO Quora?

The first hotel was going under loss, owner of the hotel had another business firm in Rajasthan, thus he was ready to help ritesh if his hotel could recover from losses and ritesh took the advantage and established oyo rooms which overtime became 150 million dollar company.

How much does Ritesh own in OYO?

Of the total 33.15% that Agarwal owns in Oyo, a chunk (24.94%) is held through RA Hospitality Holdings (Cayman) at ₹101.23 a share, while the balance of 8.21% is the only tranche of holding that has come cheap at ₹0.01 per share.

Why did Ritesh moved to Kota?

Agarwal moved to Kota in the northern Indian state of Rajasthan soon after finishing his school studies to get coaching to enter the prestigious Indian Institute of Technology (IIT) and would travel to nearby Delhi over the weekends.

Can I take my girlfriend to OYO room?

Yes. No law in the country denies an unmarried couple a stay in a hotel. However, checking-in a couple is at the discretion of the hotel owners / managers.

Which fellowship did Ritesh receive?

BANGALORE: 19-year-old Indian entrepreneur Ritesh Agarwal has been selected for the Thiel Fellowship. The fellowship selects 20 under-20 achievers and provides them a no-strings-attached grant of $100,000 (about Rs 55 lakh) to drop out of college and focus on their work, research or self-education.

What does OYO mean in English?

Also found in: Dictionary, Encyclopedia, Wikipedia. Acronym. Definition. OYO. On Your Own.