Yes, It is true A boy who becomes a millionaire just at the age of 21.
this is the story of Ritesh Agarwal who is founder and CEO of OYO room
the fastest growing network of hotels, offline and online. The current evaluation of OYO Rooms is around $400 million.
Oyo means On Your Own, Oyo room provides travelers the coolest yet cheapest budget hotels.
About Ritesh Agarwal
ritesh Agarwal born in 1993 in Odisha India.
he went Kota for preparation IIT after school
he also wrote a book by name of Indian engineering colleges.
How He got Idea of OYO rooms
He was quite fond of traveling, He used to slip out from his hostel every weekend and travel to Delhi and other places to meet his friends while traveling the main problem he experienced was finding a budget hotel.
then he got the idea of Oyo for cheap and under budget rooms for peoples.
Later in 2011, Ritesh moved to Delhi with strong intentions of starting up something of his own. At the same time, he also prepared for SAT to move to the States for further studies. But fortunately or unfortunately, SAT never happened. Thereafter he used to do nothing but read about entrepreneurs, startups, businesses and especially, Airbnb.
Ritesh later joined the University of London’s course at Indian Business School. Just after three days of joining, he could not control his craving to kickstart his venture. So he took a day’s leave to work on the project and finally he never went back. Ritesh always felt that the budget hotels in India didn’t even meet the very basic needs of a budget traveler. Hence, capitalizing on this opportunity, he started his first venture in 2012 and called it Oravel Stays. It was an aggregator of bed and break for stays across India. In a matter of no time, he secured funding of 30 lakhs from VentureNursery, an accelerator firm which brought together a bunch of investors to nurture startups.
With sufficient money in his pocket, he started working towards his new craze. Simultaneously, he also presented his idea to Thiel Fellowship, a global contest for students under the age of 22. He managed to reach among the top 10 winners and received a sum of $100,000 from Peter Thiel (the Co-Founder of PayPal and an early investor in Facebook). With this new found confidence, he started working even more rigorously. But to his hard luck, the business model didn’t seem to be picking up. As much as he tried to fix, things just were not falling in place.
Ritesh then went into the thinking mode and realized, the biggest pain while traveling was to find affordable and available hotels to stay in. But like always, we always ended up staying in a crappy place. This motivated him to create an online social community, to bring information about all good places together in one platform. As a result, in 2013 he relaunched Oravel as OYO Rooms. The name OYO means “On Your Own”. It was nothing but an idea to create India’s largest chain of efficient, young and standardized budget rooms. Later in 2014, the company raised 4Cr from LightSpeed Venture partners and DSG Consumer Partners at a money evaluation of 14Cr.
Since the OYO Room has gone on to become India’s first technology-driven network to give standardized budget hotels in all major cities like Mumbai, Delhi, Bangalore, Kolkata, etc.
Ritesh was not only one of the rare persons who only dreamt big but also kept a vision to achieve bigger. His early life is a perfect example of how young minds can dream and make it happen.