Ritesh Agarwal net worth 2023
Current Net Worth – $2 Billion (USD – 200 Crores), (In Rupees – 16.64 Thousand Crore)
Table of Contents Hide
- Ritesh Agarwal net worth 2023
- Current Net Worth – $2 Billion (USD – 200 Crores), (In Rupees – 16.64 Thousand Crore)
- Ritesh Agarwal short biography:
- Ritesh Agarwal biography
- Ritesh Agarwal Quote
Ritesh Agarwal short biography:
|Net Worth||$2 Billion|
|Born||November 16, 1993 (Age – 29)|
|Born Place||Bissam Cuttack, Rayagada, Orissa (now Odisha), India|
|Identified as||Entrepreneur and one of India’s youngest billionaire|
|Status||Founder & CEO of OYO Rooms|
|Education||Sacred Heart School, St. Johns Senior Secondary School, Indian School of Business and Finance (drop-out)|
|Residence||Cuttack, Odisha, India|
|Spousal Status||Married (Geetansha Sood M. 2023)|
|Awards||Thiel Fellowship, Business World Young Entrepreneur Award|
Ritesh Agarwal has a net worth of around $2 Billion (Rupees – 16,645 Crores), making him one of the richest young men in India.
He is an Indian entrepreneur and the founder and CEO of On Your Own Rooms (OYO Rooms).
He is the second-youngest self-made billionaire in the world as of February 2020, behind Kylie Jenner according to Wikipedia.
According to Hurun Rich List 2020, he was a billionaire withholding $1.1 billion.
On Your Own Rooms (OYO), also known as Oyo Homes and Hotels, is an Indian rental online marketplace company, also listed as one of the world’s largest hotel chain companies.
Ritesh was also awarded the Business World Young Entrepreneur Award.
Ritesh was named to the International Hospitality Institute’s Global 100 in Hospitality in June 2022, a ranking of the 100 Most Powerful People in Global Hospitality, which was a very happy moment for him.
You may also like:
Ritesh Agarwal biography
|Full Name||Ritesh Agarwal|
|Height||5.9 feet, 175 cm|
Ritesh Agarwal was born on 16 November 1993, into a Marwari family in Bissam Cuttack, Odisha, India, and grew up in Titilagarh.
His family operated a small shop in Rayagada, Odisha.
His social media handles:
Ritesh Agarwal’s Residence and Assets
Ritesh Agarwal, the mind behind Oyo, made headlines in July 2019 when reports revealed that he had acquired a substantial $2 billion worth of shares in the company, effectively tripling his ownership stake. He also resides in a lavish home in Mumbai.
|Car Model||Value (in INR)|
|Mercedes Benz S 350D||Rs. 1.4 crores|
|Range Rover Sports||Rs. 1 crore|
|Mercedes Benz E200||Rs. 64 lakhs|
|Audi A4||Rs. 45 lakhs|
|Toyota Fortuner||Rs. 36 lakhs|
Beyond his remarkable fleet of luxury cars, Agarwal also owns a private jet, with an estimated value of $20 million.
He completed his schooling at Sacred Heart School and later at St. Johns Senior Secondary School. In 2011, he made the big move to Delhi for college.
He got out after 2 years of college in 2013, as he had applied for the Thiel Fellowship, an organization founded by Peter Thiel, a successful billionaire entrepreneur, and tech investor to support young startups, and Ritesh was selected for that fellowship.
It was one of the 20 victors of the 2013 Thiel Fellowship Program, which received a 100,000-dollar authorization.
Ritesh Agarwal’s Net Worth
Ritesh Agarwal’s remarkable journey from humble beginnings to becoming a hotel industry titan is a true testament to his unwavering determination and entrepreneurial acumen. Currently, his net worth stands at an impressive $2 billion, which is approximately equivalent to Rs. 16,462 crores. The lion’s share of his wealth has been accumulated through his brainchild, OYO Rooms, a wildly successful startup that has achieved remarkable global recognition.
Notably, in 2021, he made history by becoming the youngest Indian entrepreneur to earn a coveted spot on Forbes’ Billionaire list.
In 2011, Agarwal kick-started his journey with a venture called “Oravel Stays,” which was akin to Airbnb. Not long after, in 2012, he took part in the accelerator program at Venture Nursery.
His determination paid off in 2013 when he clinched the prestigious Thiel Fellowship, bagging a generous grant of $100,000. This marked the birth of OYO Rooms in May 2013.
Fast forward to September 2018, OYO Rooms made headlines by securing a whopping $1 billion in funding. In July 2019, Agarwal made waves once again by investing $2 billion in company shares, tripling his stake and showcasing his unwavering belief in the venture.
To top it off, he earned a well-deserved spot on the Forbes 30 under 30 list for Asia, solidifying his status as a young trailblazer in the business world.
In October 2019 a huge funding of $1.5 billion was directed by SoftBank Group.
Hip 2019, the company registered a gain of $951 million, a 4.5 times increase in recovery every year, as compared to the previous year’s revenue of $211 million.
It has been funded by 7 investors in 4 rounds, and a total of $125 million has been raised.
He had sacrificed his income in 2020, and Agarwal’s payout of Rs 1.62 crore appears to be on par with a quarter’s remuneration.
According to the DRHP, Oyo Singapore increased Agarwal’s yearly remuneration by Rs 4.45 crore with effect from January 1, 2021.
OYO net worth
OYO, the hospitality giant, boasts an astounding net worth of over $10 billion, firmly securing its place as one of India’s most valuable startups. Along its journey, the company has attracted a substantial $2 billion in venture capital funding, with notable investments coming from big names like SoftBank, Sequoia Capital, and Greenoaks Capital. Furthermore, OYO has garnered support from various other venture capital firms, including Lightspeed Venture Partners, Hero Enterprise, and China Lodging Group.
In January 2022, a remarkable move took place as over 500 present and past employees invested in the company, acquiring approximately 30 million shares. The combined value of these shares was estimated at around Rs. 330 crores (equivalent to US$41 million), based on OYO’s last valuation of $9.6 billion.
Ritesh Agarwal net worth and Incomes
|Net Worth||$2 billion (16,645 Crores)|
|Total Wealth||$1.9 billion (Rs. 16,462 crores)|
|Monthly Earnings||$12 million (Rs. 10 crores)|
|Annual Income||$120 million (Rs. 100 crores)|
|Miscellaneous Assets and Value||$20.4 million (Rs. 170.05 crores)|
|Property Holdings and Valuation||–|
In the fiscal year of 2022, Ritesh Agarwal witnessed a remarkable boost in his earnings, with his income surging by an impressive 250 percent, climbing from Rs. 1.6 crores in FY21 to Rs. 5.6 crores. It’s worth noting that his compensation in FY20 was at a relatively modest Rs. 21.5 lakhs.
Apart from his primary venture, Agarwal has diversified his investments into various sectors, including hospitality, real estate, and education. His investment portfolio also encompasses participation in different venture capital and private equity funds, all of which have played a significant role in his overall wealth accumulation. His total earnings encompass a monthly income of Rs. 10 crores and an annual income of Rs. 100 crores.
Private & early life
On the 7th of March, 2023, Agarwal tied the knot with Geetansha Sood, who hails from Lucknow.
Allegations of Cheating by Oyo’s Co-founder
Ritesh Agarwal, the co-founder of Oyo, faced accusations of cheating his fellow co-founder, Manish Sinha, during the early days of the company.
Legal Troubles in the United States
Agarwal, through OYO, entered into agreements with hotel owners in the United States. These agreements involved rebranding the owners’ properties under the OYO name, with the promise of compensation and guaranteed income. However, what was left undisclosed was that OYO lacked the authorization to operate a franchise business in the state of California. In March 2019, California regulators fined OYO $200,000 for this violation. Furthermore, Washington issued a cease and desist order against OYO when it was discovered that the company had made offers to numerous hotel owners and managers without proper registration.
Allegations of Fraud
In September 2020, Agarwal found himself entangled in a legal case in Dera Bassi, where a Chandigarh-based businessman lodged a complaint against him for fraud and conspiracy, under sections IPC 420 (cheating) and 120 B (criminal conspiracy).
Backlash from Indian Hotel Owners
OYO faced significant backlash from around 10,000 hotel owners in India. They claimed that OYO withheld a substantial portion of their revenues through undisclosed fees, which were not communicated when they initially partnered with OYO.
Police Cases in Karnataka
In an October 2019 report, it was revealed that police cases had been filed against OYO by hotel operators in cities like Bangalore, Mysore, and other locations in Karnataka. These cases accused Agarwal of fraudulent activities. However, in one case in Bangalore, Agarwal successfully obtained a stay order, temporarily suspending legal action against him.