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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>
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>


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, trippling 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>
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>


==References==
==References==

Revision as of 10:12, 14 October 2019

Ritesh Agarwal
Born (1993-11-16) 16 November 1993 (age 31)
Bishama Katek,Rayagada, Odisha
Years active2012–present
OrganizationOYO Rooms
TitleCEO of OYO Rooms
Board member ofConfederation of Indian Industry

Ritesh Agarwal is an Indian entrepreneur, the founder and CEO of OYO Rooms,

Early years

Agarwal was born in Bissam Cuttack, in Odisha state, India and brought up in Titilagarh.[1][2][3][4][5] At the age of 13, he started selling SIM cards.[6] Agarwal graduated from St. Johns Senior Secondary School and moved to Delhi in 2011 for college.[7] He dropped out of college, which made him eligible for the Peter Thiel Fellowship.[8]

Career

Agarwal started a budget accommodation portal, Oravel Stays, for booking budget hotels.[9][10] 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.[11][12] The company was launched as OYO Rooms in May 2013.[13][14][15]

By September 2018, the company raised $1 billion,[16] His net worth that year was estimated to be 2600 crore according to Hurun India Rich List.[citation needed] In July 2019 it was reported he purchased $2 billion in shares, tripling his stake.[17][18][19]

References

  1. ^ "Here are 6 interesting facts you didn't know about OYO founder Ritesh Agarwal". Business Insider. Retrieved 2019-07-29.
  2. ^ Oct 6, TNN | Updated:; 2015; Ist, 17:19. "21-Yr-Old Start-Up Entrepreneur Ritesh Agarwal Started By Selling SIM Cards In Rayagada | Bhubaneswar News - Times of India". The Times of India. Retrieved 2019-07-29. {{cite web}}: |last2= has numeric name (help)CS1 maint: extra punctuation (link) CS1 maint: numeric names: authors list (link)
  3. ^ "His ₹30 lakh stake in Oyo would have been thousands of crores today but..." livemint. 2019-07-25. Retrieved 2019-07-29. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  4. ^ Chengappa, Sangeetha. "For OYO's Ritesh Agarwal, there is more room for growth". @businessline. Retrieved 2019-07-29.
  5. ^ "OYO raises $1 billion fund: How 24-year-old Ritesh Agarwal turned his idea into India's second most valuable start-up". Firstpost. Retrieved 2019-07-29.
  6. ^ "SIM card seller, college dropout, millionaire at 22: Boy from Naxal area scripts incredible story". The Economic Times. 2018-06-25. Retrieved 2019-07-29.
  7. ^ Jr, Bernd Debusmann. "Too many entrepreneurs give up, says Oyo CEO Ritesh Agarwal". ArabianBusiness.com. Retrieved 2019-07-29.
  8. ^ Gilchrist, Karen (January 30, 2019). "Peter Thiel's advice helped this 25-year-old build one of India's most valuable start-ups". CNBC.
  9. ^ "'If you meet a 17- or 18-year-old entrepreneur, just invest in their firm'". 2019-07-09. Retrieved 2019-07-29.
  10. ^ "Ritesh Agarwal's Cayman based firm to bring funds to Oyo". The Economic Times. 2019-07-17. Retrieved 2019-07-29.
  11. ^ Menon, Rashmi (2015-08-19). "Meet OYO Rooms' Ritesh Agarwal: The dropout who dined with Peter Thiel". The Economic Times. Retrieved 2019-07-29.
  12. ^ Bergen, Mark (2013-05-10). "Oravel founder Ritesh Agarwal wins Thiel Fellowship". Livemint. Retrieved 2019-07-29. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  13. ^ "Ritesh Agarwal's OYO, SoftBank set up investment vehicle, seek CCI approval for increasing stake in Oravel Stays". The Financial Express. 2019-07-16. Retrieved 2019-07-29.
  14. ^ Gooptu, Biswarup (2018-11-21). "OYO manages more rooms in China than in India". The Economic Times. Retrieved 2019-07-29.
  15. ^ "This is how 24 year-old Ritesh Agarwal built OYO Rooms a $5 billion hotel chain in just five years". The Financial Express. 2018-09-26. Retrieved 2019-07-29.
  16. ^ Bloomberg, Saritha Rai (2018-09-26). "How 24-year-old Ritesh Agarwal built Oyo into a $5 billion startup in just 5 years". www.livemint.com. Retrieved 2019-07-29. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  17. ^ Chaudhary, Deepti (2019-07-19). "Oyo founder Ritesh Agarwal to triple his stake with $2 bn share buyback". Retrieved 2019-07-21.
  18. ^ "India's Oyo valued at $10B after founder purchases $2B in shares". TechCrunch. Retrieved 2019-07-21.
  19. ^ "OYO founder Ritesh Agarwal to buy back shares from early investors for USD 2 bn - Times of India". The Times of India. Retrieved 2019-07-21.
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