There are only few people in the world who dare to dream beyond boundaries. Ritesh Agrawal from the heartland of Odisha dared to dream beyond boundaries, dropped out of college and went on to build a multibillion-dollar global company. His experiences reflect as a proof to all aspiring entrepreneurs that when clarity is blended with innovation, even a humblest beginning can lead to a pivotal success.
Ritesh Agarwal was born in 1993, in Bissam Cuttack, Odisha, into a traditional Marwadi business family. As his family was rooted with business, he was introduced to the values of trade and perseverance from an early age.
However, as he grew up Ritesh developed a passion for technology and travel, which made him different from others. He would often experiment with computer programming and learn to code. Though he had deep interest in computers and the internet, it was not just technology that fueled his entrepreneurial fire, it was his approach to problem solving.
Ritesh used to travel on budget and stayed in cheap accommodations, which lacked cleanliness and quality service. These experiences in his life shaped his understanding of a major gap in the Indian hospitality market.
Ritesh moved to Delhi, after completing his school. However, within a year, he dropped out of college to pursue full time entrepreneurship, with a hunger to build something impactful. At the age of 17, he launched Oravel stays, in 2011. A platform designed to help clients find budget-friendly short-term stays, lossey based on Airbnb’s approach.
But soon he realized that most budget hotels lacked basic standards and that’s when he saw a larger opportunity and in 2013, he joined the prestigious Thiel Fellowship, which offers $100,000 and mentorship to young entrepreneurs who risked dropping out of college to build their own companies.
After this recognition, Ritesh earned both capital and credibility. He used it to transform Oravel into OYO ROOMS (On Your Way). With a groundbreaking idea to offer standardized budget hotels across India, under one single brand name with quality, cleanliness, affordability and easy go bookings, Ritesh launched the OYO ROOMS.
Soon Oyo started to collaborate with small hotels and renovate them to meet the basic standards of air conditioning, WIFI, toiletries, cleanliness and trained staff.
Technology, branding and access to a large customer base were brought by Oyo in return.
Ritesh expanded to multiple cities with minimal investment. And within two years, Oyo expanded to more than 1000 cities across India. Also, it became the fastest growing hotel chain in the world after raising the funding from Lightspeed Venture Partners, Softbank, Sequoia Capital, and others.
Global Expansion
By 2019, Oyo was introduced to international markets including the UAE, the UK, the USA, China, Indonesia and Malaysia. Under the leadership of Ritesh Agarwal, the company expanded into 43,000+ properties with its presence in many countries. Ritesh is now one of the youngest self-made billionaires across the globe and his work has redefined the status of Indian startups worldwide.
As every path to real success always runs through a few storms, OYO went through its share of storms when COVID-19 pandemic hit the hospitality industry hard. The company had to lay off thousands of employees because of rapid declines of bookings. But Ritesh did not neglect his responsibilities – he took zero salary and donated to employees’ welfare funds during the crisis.
Being humble and hands on, is what Ritesh Agarwal is admired for. He was caught cleaning the hotel bathroom himself in 2024, during Mumbai Tech Week. Setting an example that all forms of work have dignity and that leadership is not only about issuing commands.
Shark Tank
Ritesh Agarwal, joined the hugely popular reality show Shark Tank India Season 3, in 2023 as the youngest ever investor (shark). He came with a new wave of energy to the show. Audience admired him for his sharp insights on tech-based businesses and empathy towards first time entrepreneurs. In the show he offered mentorship beyond just money and became a popular figure and a youth icon, supporting and motivating hundreds of upcoming Indian entrepreneurs.
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As of 2025, Oyo with projected revenue of 2100 crore in Q4 Financial year 25 and expected net worth of 1100 crore in financial year 26 is making a strong comeback. A sharp rise in religious and spiritual tourism has been noticed. Ritesh has been focusing on AI, customer personalization and flexible pricing strategies and also been campaigning for police reforms in hospitality, including the simplification of GST slabs for budget hotels to encourage small hotel owners and entrepreneurs.
Beyond the hospitality industry, Ritesh dreams of making Oyo a global household name in travel tech, offering full-service solutions from stay to experience.
This big vision of Ritesh Agarwal has inspired millions and has touched hearts and earned him numerous prestigious accolades like: One of India’s youngest self-made billionaires, Business World Young Entrepreneur Award, Thiel Fellowship (2013), Forbes 30 under 30 Asia, GQ’s 50 most Influential Young Indians, Entrepreneur India’s start-up of the year.
Looking back Oyo is not just a hospitality company, but a movement. It has created over 300,000 indirect jobs, empowered thousands of small hotel owners, established a budget hotel industry in India and beyond. It is also an inspiration for a new generation of passionate tech entrepreneurs.
Life of Ritesh is a blend of bold vision, perseverance, clarity, relentless performance, and user centric leadership. He has created a new path to modernization where technology meets tradition, innovation meets honesty and entrepreneurship meets empathy.
