Everyone knows about OYO and Ritesh Agarwal, the founder of oyo, and every new startup thing he starts on business like OYO, but 90% of people don’t know how Ritesh Agarwal successfully built the longest chain of hotels, what is Ritesh Agrawal success story, and what is the most important step that you can take to build your successful startup.
OYO Rooms is an initial for On Your Rooms. It is India’s largest hotel network, with 199 locations. It now approx employs over 8000 people in India and South Asia, with over 17,000 people worldwide furnishing their facility.
Ritesh Agarwal is listed in the Forbes 30 under 30 list for Asia. According to Wikipedia, he is the world’s second-youngest self-made billionaire as of February 2020,
He started his business at the age of 20 to assist people who cannot afford to stay in costly hotels. The solution to this problem is OYO, which created hotel chains with affordable or good services.
Short Bio – OYO
|Net Worth||$1.1 Billion (2020 Hurun Rich List)|
|Born||November 16, 1993 (Age – 29)|
|Identified as||Entrepreneur & One of India’s youngest billionaire|
|Status||Founder & CEO of OYO|
|Education||Sacred Heart School, St. Johns Senior Secondary School, Indian School of Business and Finance (drop-out)|
|Cuttack, Odisha, India|
Ritesh Agarwal was born on November 16, 1993, in the small town of Bassam Cuttack in the Indian state of Odisha, but he grew up in Titilagarh & Ritesh from the Marwari family.
Ritesh started selling SIM cards when he was 13 years old. He graduated from St. Johns Senior Secondary School and relocated to Delhi for further academic studies in 2011.
Ritesh, who comes from a business family, moved to Delhi in 2011 to begin his business career after refusing his engineering college admission tests.
Steps Behind the Success of OYO
- Backpacking – When Agarwal was traveling in India, he noticed a lack of dependability and predictability when choosing hotels.
- Dropping College – He dropped out of college and was chosen in 2013 for the Thiel Fellowship (started by Peter Thiel)
- Wining Fellowship – He wins the Thiel Fellowship 100,000 dollars authorization. Thiel Fellowships was started by a PayPal co-founder to assist dropouts and teenage students in starting their businesses.
- Oravel Travels – At 17, he decided to create Oravel Travels, which was modeled after the Airbnb model. Later, he changed his initial design, and Oravel became OYO rooms.
- OYO focuses – on existing small hotels that are unmanaged or do not have a large client base. He gives his own brand name to hotels after redesigning their rooms as OYO franchises.
- Manage – OYO Hotels provides clean rooms with standard amenities. manages pricing and technological services, monitors standards on a variety of characteristics ranging from cleanliness to Wi-Fi availability, and, most importantly, drives bookings via OYO’s mobile app.
- OYO Family – currently has approximately 8000+ employees in India and South Asia, and over 17,000+ employees are globally furnishing their facility.
We outline every factor that contributed to Ritesh Agarwal’s success. If you read the post carefully, you will realize how much work and effort went into it.