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{{short description|Indian billionaire}}
{{about|an Indian entrepreneur|bio-medical enginner/scientist|Ritesh Agarwal (scientist)}}
{{Use Indian English|date=September 2024}}
{{Use dmy dates|date=September 2024}}
{{Infobox person
{{Infobox person
| name = Ritesh Agarwal
| name = Ritesh Agarwal
| image =
| image = Ritesh Agrawal OYO (cropped).jpg
| birth_date = {{birth date and age|1993|11|16|df=y}}
| caption = Agarwal in 2019
⚫
| birth_name =
| birth_place = [[Bishama Katek,Rayagada]], [[Odisha]]
| residence = [[Gurugram]]
| birth_date = {{Birth date and age|1993|11|16|df=yes}}
| birth_place = [[Bissam Cuttack]], [[Orissa]] (present day Odisha), India
| alma_mater =
| alma_mater =
| occupation = {{hlist|Businessperson|entrepreneur|investor}}
| years_active = 2012–present
| years_active = 2012–present
| organization = [[OYO Rooms]]
| organization = [[OYO Rooms]]
| notable_works =
| notable_works =
| title = CEO of [[OYO Rooms]]
| title =
| boards = [[Confederation of Indian Industry]]
| television = ''[[Shark Tank India]]'' (2024–)
| home_town = [[Rayagada]], [[Odisha]], [[India]]
| spouse = {{Marriage|Geetansha Sood|7 March 2023}}
| awards = [[Thiel Fellowship]], Business World Young Entrepreneur Award<ref>{{cite web |title=Ritesh Agarwal |url=https://www.forbes.com/profile/ritesh-agarwal/?sh=6116303c11cb |website=Forbes |access-date=27 November 2020}}</ref>
| net worth = $365 million
⚫
| awards =
| website =
| website =
| signature =
| signature =
}}
}}


'''Ritesh Agarwal''' (born 16 November 1993) is an Indian billionaire entrepreneur<ref>{{Cite news |title=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 |url=https://timesofindia.indiatimes.com/tv/news/hindi/from-being-the-richest-shark-to-having-a-whopping-net-worth-of-approximately-rs-16000-crores-lesser-known-facts-about-shark-tank-india-3s-ritesh-agarwal/photostory/107971258.cms |work=The Times of India |date=24 February 2024 |access-date=18 March 2024}}</ref> and the founder and [[CEO]] of [[Oyo Rooms|OYO Rooms]].<ref name=":0" /> He has been a panellist on ''[[Shark Tank India (season 3)]]'' in 2024.<ref>{{Cite news |last=Mukhopadhyay |first=Sounak |date=31 January 2024 |title=Ritesh Agarwal picks Bollywood actors who can be great Sharks |url=https://www.livemint.com/news/trends/shark-tank-india-season-3-oyo-rooms-founder-ritesh-agarwal-picks-bollywood-actors-who-can-be-great-judges-11706683912745.html |work=Mint |access-date=1 February 2024}}</ref> Agarwal listed among Top 10 youngest Indian billionaires in Hurun Rich List of India 2024, with $225 million ({{INR}}1,900 crore) net worth<ref>{{Cite news |last=Oberoi |first=Rahul |date=3 September 2024 |title=This 30-year-old cyber security expert joins OYO's Ritesh Agarwal in Hurun youngest rich list |url=https://www.businesstoday.in/markets/stocks/story/this-30-year-old-cyber-security-expert-joins-oyos-ritesh-agarwal-in-hurun-youngest-rich-list-444252-2024-09-03 |work=Business Today |access-date=9 September 2024}}</ref><ref>{{Cite news |last=Gupta |first=Cherry |date=4 September 2024 |title=Top 10 youngest Indian billionaires in 2024: Zepto founders lead the ranking |url=https://indianexpress.com/article/trending/top-10-listing/top-10-youngest-indian-billionaires-in-2024-zepto-founders-lead-the-ranking-9549145/ |work=The Indian Express |access-date=9 September 2024}}</ref>
'''Ritesh Agarwal''' is an [[List of Indian entrepreneurs|Indian entrepreneur]], the founder and CEO of [[OYO Rooms]],


==Early years==
== Personal life ==
Agarwal was born in [[Bissam Cuttack]], in [[Odisha]] state, [[India]] and brought up in [[Titilagarh]].<ref>{{Cite web|url=https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms|title=Here are 6 interesting facts you didn’t know about OYO founder Ritesh Agarwal|website=Business Insider|access-date=2019-07-29}}</ref><ref>{{Cite web|url=https://timesofindia.indiatimes.com/city/bhubaneswar/Runaway-to-riches-OYO-Rooms-founders-story/articleshow/49243804.cms|title=21-Yr-Old Start-Up Entrepreneur Ritesh Agarwal Started By Selling SIM Cards In Rayagada {{!}} Bhubaneswar News - Times of India|last=Oct 6|first=TNN {{!}} Updated:|last2=2015|website=The Times of India|language=en|access-date=2019-07-29|last3=Ist|first3=17:19}}</ref><ref>{{Cite web|url=https://www.livemint.com/companies/start-ups/his-rs-30-lakh-stake-in-oyo-would-have-been-thousands-of-crores-today-but-1564039376738.html|title=His ₹30 lakh stake in Oyo would have been thousands of crores today but...|date=2019-07-25|website=[[livemint]]|language=en|archive-url=|archive-date=|dead-url=|access-date=2019-07-29}}</ref><ref>{{Cite web|url=https://www.thehindubusinessline.com/companies/for-oyos-ritesh-agarwal-there-is-more-room-for-growth/article25041007.ece|title=For OYO’s Ritesh Agarwal, there is more room for growth|last=Chengappa|first=Sangeetha|website=@businessline|language=en|access-date=2019-07-29}}</ref><ref>{{Cite web|url=https://www.firstpost.com/business/oyo-raises-1-billion-fund-how-24-year-old-ritesh-agarwal-turned-his-idea-into-indias-second-most-valuable-start-up-5273221.html|title=OYO raises $1 billion fund: How 24-year-old Ritesh Agarwal turned his idea into India's second most valuable start-up|website=Firstpost|access-date=2019-07-29}}</ref> At the age of 13, he started selling SIM cards.<ref>{{Cite news|url=https://economictimes.indiatimes.com/news/company/corporate-trends/sim-card-seller-college-dropout-millionaire-at-22-boy-from-naxal-area-scripts-incredible-story/articleshow/64678808.cms|title=SIM card seller, college dropout, millionaire at 22: Boy from Naxal area scripts incredible story|date=2018-06-25|work=The Economic Times|access-date=2019-07-29}}</ref> Agarwal graduated from St. Johns Senior Secondary School and moved to [[Delhi]] in 2011 for college.<ref name="auto">{{Cite web|url=https://www.arabianbusiness.com/travel-hospitality/423828-too-many-entrepreneurs-give-up-says-oyo-ceo-ritesh-agarwal|title=Too many entrepreneurs give up, says Oyo CEO Ritesh Agarwal|last=Jr|first=Bernd Debusmann|website=ArabianBusiness.com|language=en|access-date=2019-07-29}}</ref> He dropped out of college, which made him eligible for the [[Thiel Fellowship|Peter Thiel Fellowship]].<ref>{{Cite web|url=https://www.cnbc.com/2019/01/30/lessons-from-peter-thiel-helped-ritesh-agarwal-build-indias-oyo.html|title=Peter Thiel's advice helped this 25-year-old build one of India's most valuable start-ups|first=Karen|last=Gilchrist|date=January 30, 2019|website=CNBC}}</ref>
Ritesh Agarwal was born in a [[Marwari people|Marwari]] family<ref>{{cite news |last1=Chowdhry |first1=Seema |last2=Khurana |first2=Chanpreet |title=Entrepreneurs {{!}} The company of teens |url=https://www.livemint.com/Leisure/DKlwxaxpasyfdRpKhEwF2J/Entrepreneurs--The-company-of-teens.html |access-date=15 February 2022 |work=Mint |date=30 November 2013 |language=en}}</ref> in [[Bissam Cuttack]], [[Orissa]], India and was brought up in [[Titilagarh]].<ref>{{Cite web|title=Here are 6 interesting facts you didn't know about OYO founder Ritesh Agarwal|url=https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms|url-status=live|archive-url=https://web.archive.org/web/20190729005356/https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms|archive-date=29 July 2019|access-date=29 July 2019|website=Business Insider}}</ref><ref>{{Cite news|date=6 October 2015|title=21-Yr-Old Start-Up Entrepreneur Ritesh Agarwal Started By Selling SIM Cards In Rayagada|language=en|work=The Times of India|url=https://timesofindia.indiatimes.com/city/bhubaneswar/Runaway-to-riches-OYO-Rooms-founders-story/articleshow/49243804.cms|url-status=live|access-date=29 July 2019|archive-url=https://web.archive.org/web/20190818171117/https://timesofindia.indiatimes.com/city/bhubaneswar/Runaway-to-riches-OYO-Rooms-founders-story/articleshow/49243804.cms|archive-date=18 August 2019}}</ref><ref>{{Cite web|date=25 July 2019|title=His ₹30 lakh stake in Oyo would have been thousands of crores today but...|url=https://www.livemint.com/companies/start-ups/his-rs-30-lakh-stake-in-oyo-would-have-been-thousands-of-crores-today-but-1564039376738.html|url-status=live|archive-url=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|archive-date=29 July 2019|access-date=29 July 2019|website=[[livemint]]|language=en}}</ref><ref>{{Cite web|last=Chengappa|first=Sangeetha|title=For OYO's Ritesh Agarwal, there is more room for growth|url=https://www.thehindubusinessline.com/companies/for-oyos-ritesh-agarwal-there-is-more-room-for-growth/article25041007.ece|url-status=live|archive-url=https://web.archive.org/web/20190721010902/https://www.thehindubusinessline.com/companies/for-oyos-ritesh-agarwal-there-is-more-room-for-growth/article25041007.ece|archive-date=21 July 2019|access-date=29 July 2019|website=@businessline|date=25 September 2018 |language=en}}</ref><ref>{{Cite web|title=OYO raises $1 billion fund: How 24-year-old Ritesh Agarwal turned his idea into India's second most valuable start-up|url=https://www.firstpost.com/business/oyo-raises-0.2-billion-fund-how-24-year-old-ritesh-agarwal-turned-his-idea-into-indias-second-most-valuable-start-up-5273221.html|access-date=29 July 2019|website=Firstpost|date=27 September 2018 }}</ref> 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.<ref name="auto">{{Cite web|last=Debusmann|first=Bernd Jr.|title=Too many entrepreneurs give up, says Oyo CEO Ritesh Agarwal|url=https://www.arabianbusiness.com/travel-hospitality/423828-too-many-entrepreneurs-give-up-says-oyo-ceo-ritesh-agarwal|url-status=live|archive-url=https://web.archive.org/web/20190715154314/https://www.arabianbusiness.com/travel-hospitality/423828-too-many-entrepreneurs-give-up-says-oyo-ceo-ritesh-agarwal|archive-date=15 July 2019|access-date=29 July 2019|website=ArabianBusiness.com|date=15 July 2019 |language=en}}</ref><ref>{{cite news|title=Ritesh Agarwal: Interesting facts about oyo founder ritesh agarwal|work=Business Insider|url=https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms}}</ref>

Agarwal married Geetansha Sood, a native of [[Lucknow]], on 7 March 2023.<ref>{{cite news |title=OYO boss Ritesh Agarwal ties the knot with fiancee Geetansha; Softbank CEO, Paytm boss attend reception |url=https://economictimes.indiatimes.com/magazines/panache/oyo-boss-ritesh-agarwal-ties-the-knot-with-fiancee-geetansha-softbank-ceo-paytm-boss-attend-reception/articleshow/98498797.cms |access-date=21 June 2023 |work=The Economic Times |date=8 March 2023}}</ref><ref>{{cite news |title=Who is OYO founder Ritesh Agarwal's wife, Geetansha Sood? - OYO founder's wife |url=https://economictimes.indiatimes.com/news/company/corporate-trends/who-is-oyo-founder-ritesh-agarwals-wife-geetansha-sood/oyo-founders-wife/slideshow/98545969.cms |access-date=21 June 2023 |work=The Economic Times |date=10 March 2023}}</ref>


==Career==
==Career==
Agarwal started a budget accommodation portal, Oravel Stays, for booking budget hotels.<ref>{{Cite web|url=https://www.livemint.com/companies/news/-if-you-meet-a-17-or-18-year-old-entrepreneur-just-invest-in-their-firm-1562613919475.html|title='If you meet a 17- or 18-year-old entrepreneur, just invest in their firm'|date=2019-07-09|language=en|access-date=2019-07-29}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/new-cayman-base-to-bring-funds-to-oyo/articleshow/70253747.cms|title=Ritesh Agarwal’s Cayman based firm to bring funds to Oyo|date=2019-07-17|work=The Economic Times|access-date=2019-07-29}}</ref> It was accepted into the accelerator program by the VentureNursery in September 2012 and later was one of the winners of the 2013 [[Thiel Fellowship]] program , receiving a grant of $100,000.<ref>{{Cite news|url=https://economictimes.indiatimes.com/magazines/panache/meet-oyo-rooms-ritesh-agarwal-the-dropout-who-dined-with-peter-thiel/articleshow/48536789.cms|title=Meet OYO Rooms' Ritesh Agarwal: The dropout who dined with Peter Thiel|last=Menon|first=Rashmi|date=2015-08-19|work=The Economic Times|access-date=2019-07-29}}</ref><ref name=":2">{{Cite web|url=https://www.livemint.com/Companies/ZbqDGYUN0yfhtB2syOIDVP/Oravel-founder-Ritesh-Agarwal-wins-Thiel-Fellowship.html|title=Oravel founder Ritesh Agarwal wins Thiel Fellowship|last=Bergen|first=Mark|date=2013-05-10|website=[[Livemint]]|language=en|archive-url=|archive-date=|dead-url=|access-date=2019-07-29}}</ref> The company was launched as OYO Rooms in May 2013.<ref>{{Cite web|url=https://www.financialexpress.com/industry/sme/ritesh-agarwals-oyo-softbank-set-up-investment-vehicle-seek-cci-approval-for-increasing-stake-in-oravel-stays/1645590/|title=Ritesh Agarwal’s OYO, SoftBank set up investment vehicle, seek CCI approval for increasing stake in Oravel Stays|date=2019-07-16|website=The Financial Express|language=en-US|access-date=2019-07-29}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-manages-more-rooms-in-china-than-in-india/articleshow/66725906.cms|title=OYO manages more rooms in China than in India|last=Gooptu|first=Biswarup|date=2018-11-21|work=The Economic Times|access-date=2019-07-29}}</ref><ref>{{Cite web|url=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/|title=This is how 24 year-old Ritesh Agarwal built OYO Rooms a $5 billion hotel chain in just five years|date=2018-09-26|website=The Financial Express|language=en-US|access-date=2019-07-29}}</ref>
In 2011, Agarwal founded an Airbnb equivalent called "Oravel Stays".<ref>{{Cite web|url=https://www.livemint.com/companies/news/-if-you-meet-a-17-or-18-year-old-entrepreneur-just-invest-in-their-firm-1562613919475.html|title=If you meet a 17- or 18-year-old entrepreneur, just invest in their firm|date=9 July 2019|language=en|access-date=29 July 2019|archive-url=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|archive-date=29 July 2019|url-status=live}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/new-cayman-base-to-bring-funds-to-oyo/articleshow/70253747.cms|title=Ritesh Agarwal's Cayman based firm to bring funds to Oyo|date=17 July 2019|work=The Economic Times|access-date=29 July 2019|archive-url=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|archive-date=20 July 2019|url-status=live}}</ref> 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 {{currency|100000|USD}} grant.<ref>{{Cite news|url=https://economictimes.indiatimes.com/magazines/panache/meet-oyo-rooms-ritesh-agarwal-the-dropout-who-dined-with-peter-thiel/articleshow/48536789.cms|title=Meet OYO Rooms' Ritesh Agarwal: The dropout who dined with Peter Thiel|last=Menon|first=Rashmi|date=19 August 2015|work=The Economic Times|access-date=29 July 2019|archive-url=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|archive-date=29 July 2019|url-status=live}}</ref><ref name=":2">{{Cite web|url=https://www.livemint.com/Companies/ZbqDGYUN0yfhtB2syOIDVP/Oravel-founder-Ritesh-Agarwal-wins-Thiel-Fellowship.html|title=Oravel founder Ritesh Agarwal wins Thiel Fellowship|last=Bergen|first=Mark|date=10 May 2013|website=[[Livemint]]|language=en|archive-url=https://web.archive.org/web/20190720180638/https://www.livemint.com/Companies/ZbqDGYUN0yfhtB2syOIDVP/Oravel-founder-Ritesh-Agarwal-wins-Thiel-Fellowship.html|archive-date=20 July 2019|access-date=29 July 2019|url-status=live}}</ref> The company launched as [[Oyo Rooms|OYO Rooms]] in May 2013.<ref>{{Cite web|url=https://www.financialexpress.com/industry/sme/ritesh-agarwals-oyo-softbank-set-up-investment-vehicle-seek-cci-approval-for-increasing-stake-in-oravel-stays/1645590/|title=Ritesh Agarwal's OYO, SoftBank set up investment vehicle, seek CCI approval for increasing stake in Oravel Stays|date=16 July 2019|website=The Financial Express|language=en-US|access-date=29 July 2019|archive-url=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/|archive-date=29 July 2019|url-status=live}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-manages-more-rooms-in-china-than-in-india/articleshow/66725906.cms|title=OYO manages more rooms in China than in India|last=Gooptu|first=Biswarup|date=21 November 2018|work=The Economic Times|access-date=29 July 2019|archive-url=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|archive-date=29 July 2019|url-status=live}}</ref><ref name=":0">{{Cite web|url=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/|title=This is how 24 year-old Ritesh Agarwal built OYO Rooms a $5 billion hotel chain in just five years|date=26 September 2018|website=The Financial Express|language=en-US|access-date=29 July 2019|archive-url=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/|archive-date=29 July 2019|url-status=live}}</ref>

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By September 2018, the company had raised {{USD|1}} billion.<ref>{{Cite web|url=https://www.livemint.com/Home-Page/mOub1Fgn8EDw9gtYigaqHN/How-24yearold-Ritesh-Agarwal-built-Oyo-into-a-5-billion-s.html|title=How 24-year-old Ritesh Agarwal built Oyo into a $5 billion startup in just 5 years|last=Bloomberg|first=Saritha Rai|date=26 September 2018|website=www.livemint.com|language=en|archive-url=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|archive-date=16 April 2019|access-date=29 July 2019|url-status=live}}</ref> In July 2019, it was reported that Agarwal purchased {{USD|2}} billion in shares, tripling his stake in the company.<ref>{{Cite web|url=https://www.livemint.com/companies/start-ups/oyo-founder-ritesh-agarwal-to-triple-his-stake-with-2-bn-share-buyback-1563529810359.html|title=Oyo founder Ritesh Agarwal to triple his stake with $2 bn share buyback|last=Chaudhary|first=Deepti|date=19 July 2019|language=en|access-date=21 July 2019|archive-url=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|archive-date=21 July 2019|url-status=live}}</ref><ref>{{Cite web|url=https://techcrunch.com/2019/07/19/indias-oyo-valued-at-10b-after-founder-purchases-2b-in-shares/|title=India's Oyo valued at $10B after founder purchases $2B in shares|website=TechCrunch|date=19 July 2019 |language=en-US|access-date=21 July 2019}}</ref><ref>{{Cite news|url=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|title=OYO founder Ritesh Agarwal to buy back shares from early investors for USD 2 bn - Times of India|website=The Times of India|date=19 July 2019 |access-date=21 July 2019|archive-url=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|archive-date=6 August 2019|url-status=live}}</ref>

He appeared on the ''[[Forbes]]'' [[Forbes 30 Under 30|30 Under 30]] list for Asia.<ref>{{cite news |title=30 Under 30 2016 Asia: Consumer Tech |url=https://www.forbes.com/30-under-30-asia-2016/consumer-tech/#71f50e337827 |work=Forbes |language=en}}</ref>

In 2023, Agarwal became the youngest "Shark" to appear on ''[[Shark Tank India]]''.<ref>{{cite news |title=Shark Tank Indian 3: All you need to know about 29-yr-old Ritesh Agarwal; the youngest Shark to join the panel |url=https://timesofindia.indiatimes.com/tv/news/hindi/shark-tank-indian-3-all-you-need-to-know-about-29-yr-old-ritesh-agarwal-the-youngest-shark-to-join-the-panel/photostory/104223742.cms?from=mdr |website=The Times of India}}</ref>

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]]. <ref>{{Cite web |date=2 January 2024 |title='80% more users are searching for stays in Ayodhya': OYO's Ritesh Agarwal on New Year's Eve booking |url=https://www.businesstoday.in/lifestyle/travel/story/80-more-users-are-searching-for-stays-in-ayodhya-oyos-ritesh-agarwal-on-new-years-eve-booking-411593-2024-01-02 |access-date=22 August 2024 |website=Business Today |language=en}}</ref>

In May 2024, OYO reported its first-ever profit after tax (PAT) of {{currency|229|INR}} [[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 [[Earnings before interest, taxes, depreciation and amortization|EBITDA]] grew by 215% to reach {{INR|877}} crore in FY24, up from {{INR|277}} crore in FY23. <ref>{{Cite news |last=Chaturvedi |first=Anumeha |date=14 August 2024 |title=Oyo reports first-ever PAT of Rs 229 crore |url=https://economictimes.indiatimes.com/markets/stocks/earnings/oyo-reports-first-ever-pat-of-rs-229-crore/articleshow/112514703.cms?from=mdr |access-date=22 August 2024 |work=The Economic Times |issn=0013-0389}}</ref>

==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{{When|date=September 2024}} of the company.<ref>{{cite news |last1=Mishra|first1=Ashish|title=Will the real Ritesh Agarwal please stand up|url=https://www.livemint.com/Companies/7CN7u5d4i3bfYgBAZLdLpM/Will-the-real-Ritesh-Agarwal-please-stand-up.html|access-date=24 October 2021 |work=Mint|date=7 January 2015 |language=en}}</ref> But the company denies all the charges against founder.<ref>{{cite web |last1=Chaturvedi |first1=Anumeha |title=Oyo denies charges against founder, staff |url=https://economictimes.indiatimes.com/small-biz/startups/oyo-denies-charges-against-founder-staff/articleshow/71018913.cms |website=The Economic Times |date=7 September 2019}}</ref>


==Television series==
⚫
By September 2018, the company raised $1 billion,<ref>{{Cite web|url=https://www.livemint.com/Home-Page/mOub1Fgn8EDw9gtYigaqHN/How-24yearold-Ritesh-Agarwal-built-Oyo-into-a-5-billion-s.html|title=How 24-year-old Ritesh Agarwal built Oyo into a $5 billion startup in just 5 years|last=Bloomberg|first=Saritha Rai|date=2018-09-26|website=www.livemint.com|language=en|archive-url=|archive-date=|dead-url=|access-date=2019-07-29}}</ref> His net worth that year was estimated to be 2600 crore according to Hurun India Rich List.{{citation needed|date=August 2019}} In July 2019 it was reported he purchased $2 billion in shares, tripling his stake.<ref>{{Cite web|url=https://www.livemint.com/companies/start-ups/oyo-founder-ritesh-agarwal-to-triple-his-stake-with-2-bn-share-buyback-1563529810359.html|title=Oyo founder Ritesh Agarwal to triple his stake with $2 bn share buyback|last=Chaudhary|first=Deepti|date=2019-07-19|language=en|access-date=2019-07-21}}</ref><ref>{{Cite web|url=http://social.techcrunch.com/2019/07/19/indias-oyo-valued-at-10b-after-founder-purchases-2b-in-shares/|title=India’s Oyo valued at $10B after founder purchases $2B in shares|website=TechCrunch|language=en-US|access-date=2019-07-21}}</ref><ref>{{Cite web|url=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|title=OYO founder Ritesh Agarwal to buy back shares from early investors for USD 2 bn - Times of India|website=The Times of India|access-date=2019-07-21}}</ref>
* [[Shark Tank India]]<ref>{{Cite news |title=Shark Tank Indian 3: All you need to know about 29-yr-old Ritesh Agarwal; the youngest Shark to join the panel |url=https://timesofindia.indiatimes.com/tv/news/hindi/shark-tank-indian-3-all-you-need-to-know-about-29-yr-old-ritesh-agarwal-the-youngest-shark-to-join-the-panel/photostory/104223742.cms |work=The Times of India |date=7 October 2023 |access-date=13 November 2023 |issn=0971-8257}}</ref>


==References==
==References==
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*{{Twitter|id=riteshagar}}


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[[Category:Businesspeople from Odisha]]
[[Category:Businesspeople from Odisha]]
[[Category:Thiel fellows]]
[[Category:Shark Tank India]]

Latest revision as of 13:01, 11 December 2024

This article is about an Indian entrepreneur. For bio-medical enginner/scientist, see Ritesh Agarwal (scientist).

Ritesh Agarwal
Agarwal in 2019
Born (1993-11-16) 16 November 1993 (age 31)
Bissam Cuttack, Orissa (present day Odisha), India
Occupations
  • Businessperson
  • entrepreneur
  • investor
Years active2012–present
OrganizationOYO Rooms
TelevisionShark Tank India (2024–)
Spouse
Geetansha Sood
​
(m. 2023)​
AwardsThiel 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.[3] He has been a panellist on Shark Tank India (season 3) in 2024.[4] Agarwal listed among Top 10 youngest Indian billionaires in Hurun Rich List of India 2024, with $225 million (₹1,900 crore) net worth[5][6]

Personal life

[edit]

Ritesh Agarwal was born in a Marwari family[7] in Bissam Cuttack, Orissa, India and was brought up in Titilagarh.[8][9][10][11][12] 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.[13][14]

Agarwal married Geetansha Sood, a native of Lucknow, on 7 March 2023.[15][16]

Career

[edit]

In 2011, Agarwal founded an Airbnb equivalent called "Oravel Stays".[17][18] 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 US$100,000 grant.[19][20] The company launched as OYO Rooms in May 2013.[21][22][3]

By September 2018, the company had raised US$1 billion.[23] In July 2019, it was reported that Agarwal purchased US$2 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 ₹229 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 ₹877 crore in FY24, up from ₹277 crore in FY23. [30]

Controversies

[edit]

Allegations of cheating by OYO's co-founder

[edit]

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

Television series

[edit]

References

[edit]
  1. ^ "Ritesh Agarwal". Forbes. Retrieved 27 November 2020.
  2. ^ "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. Retrieved 18 March 2024.
  3. ^ a b "This is how 24 year-old Ritesh Agarwal built OYO Rooms a $5 billion hotel chain in just five years". The Financial Express. 26 September 2018. Archived from the original on 29 July 2019. Retrieved 29 July 2019.
  4. ^ Mukhopadhyay, Sounak (31 January 2024). "Ritesh Agarwal picks Bollywood actors who can be great Sharks". Mint. Retrieved 1 February 2024.
  5. ^ Oberoi, Rahul (3 September 2024). "This 30-year-old cyber security expert joins OYO's Ritesh Agarwal in Hurun youngest rich list". Business Today. Retrieved 9 September 2024.
  6. ^ Gupta, Cherry (4 September 2024). "Top 10 youngest Indian billionaires in 2024: Zepto founders lead the ranking". The Indian Express. Retrieved 9 September 2024.
  7. ^ Chowdhry, Seema; Khurana, Chanpreet (30 November 2013). "Entrepreneurs | The company of teens". Mint. Retrieved 15 February 2022.
  8. ^ "Here are 6 interesting facts you didn't know about OYO founder Ritesh Agarwal". Business Insider. Archived from the original on 29 July 2019. Retrieved 29 July 2019.
  9. ^ "21-Yr-Old Start-Up Entrepreneur Ritesh Agarwal Started By Selling SIM Cards In Rayagada". The Times of India. 6 October 2015. Archived from the original on 18 August 2019. Retrieved 29 July 2019.
  10. ^ "His ₹30 lakh stake in Oyo would have been thousands of crores today but..." livemint. 25 July 2019. Archived from the original on 29 July 2019. Retrieved 29 July 2019.
  11. ^ Chengappa, Sangeetha (25 September 2018). "For OYO's Ritesh Agarwal, there is more room for growth". @businessline. Archived from the original on 21 July 2019. Retrieved 29 July 2019.
  12. ^ "OYO raises $1 billion fund: How 24-year-old Ritesh Agarwal turned his idea into India's second most valuable start-up". Firstpost. 27 September 2018. Retrieved 29 July 2019.
  13. ^ Debusmann, Bernd Jr. (15 July 2019). "Too many entrepreneurs give up, says Oyo CEO Ritesh Agarwal". ArabianBusiness.com. Archived from the original on 15 July 2019. Retrieved 29 July 2019.
  14. ^ "Ritesh Agarwal: Interesting facts about oyo founder ritesh agarwal". Business Insider.
  15. ^ "OYO boss Ritesh Agarwal ties the knot with fiancee Geetansha; Softbank CEO, Paytm boss attend reception". The Economic Times. 8 March 2023. Retrieved 21 June 2023.
  16. ^ "Who is OYO founder Ritesh Agarwal's wife, Geetansha Sood? - OYO founder's wife". The Economic Times. 10 March 2023. Retrieved 21 June 2023.
  17. ^ "If you meet a 17- or 18-year-old entrepreneur, just invest in their firm". 9 July 2019. Archived from the original on 29 July 2019. Retrieved 29 July 2019.
  18. ^ "Ritesh Agarwal's Cayman based firm to bring funds to Oyo". The Economic Times. 17 July 2019. Archived from the original on 20 July 2019. Retrieved 29 July 2019.
  19. ^ Menon, Rashmi (19 August 2015). "Meet OYO Rooms' Ritesh Agarwal: The dropout who dined with Peter Thiel". The Economic Times. Archived from the original on 29 July 2019. Retrieved 29 July 2019.
  20. ^ Bergen, Mark (10 May 2013). "Oravel founder Ritesh Agarwal wins Thiel Fellowship". Livemint. Archived from the original on 20 July 2019. Retrieved 29 July 2019.
  21. ^ "Ritesh Agarwal's OYO, SoftBank set up investment vehicle, seek CCI approval for increasing stake in Oravel Stays". The Financial Express. 16 July 2019. Archived from the original on 29 July 2019. Retrieved 29 July 2019.
  22. ^ Gooptu, Biswarup (21 November 2018). "OYO manages more rooms in China than in India". The Economic Times. Archived from the original on 29 July 2019. Retrieved 29 July 2019.
  23. ^ Bloomberg, Saritha Rai (26 September 2018). "How 24-year-old Ritesh Agarwal built Oyo into a $5 billion startup in just 5 years". www.livemint.com. Archived from the original on 16 April 2019. Retrieved 29 July 2019.
  24. ^ Chaudhary, Deepti (19 July 2019). "Oyo founder Ritesh Agarwal to triple his stake with $2 bn share buyback". Archived from the original on 21 July 2019. Retrieved 21 July 2019.
  25. ^ "India's Oyo valued at $10B after founder purchases $2B in shares". TechCrunch. 19 July 2019. Retrieved 21 July 2019.
  26. ^ "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. Archived from the original on 6 August 2019. Retrieved 21 July 2019.
  27. ^ "30 Under 30 2016 Asia: Consumer Tech". Forbes.
  28. ^ "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. ^ "'80% more users are searching for stays in Ayodhya': OYO's Ritesh Agarwal on New Year's Eve booking". Business Today. 2 January 2024. Retrieved 22 August 2024.
  30. ^ Chaturvedi, Anumeha (14 August 2024). "Oyo reports first-ever PAT of Rs 229 crore". The Economic Times. ISSN 0013-0389. Retrieved 22 August 2024.
  31. ^ Mishra, Ashish (7 January 2015). "Will the real Ritesh Agarwal please stand up". Mint. Retrieved 24 October 2021.
  32. ^ Chaturvedi, Anumeha (7 September 2019). "Oyo denies charges against founder, staff". The Economic Times.
  33. ^ "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. ISSN 0971-8257. Retrieved 13 November 2023.
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