| Quick Summary Ritesh Agarwal is well-known as a successful entrepreneur, who set up OYO Rooms. He soon became one of the “youngest sharks” in Shark Tank India. Estimated at a whopping 16,000 crore rupees, he becomes one of the youngest billionaires in India. Ritesh started OYO Rooms at the age of 19 as a budget hotel reservation company, investing an initial Rs 8.2 million.Ritesh Agarwal’s OYO stake stands at 32% equity. |
Shark Tank India is one of the trending shows among Indian viewers. It is popular, especially among budding entrepreneurs, who look forward to opening their businesses in the future.
Shark Tank India calls for talking about Ritesh Agarwal. Surely, everyone has heard about and knows him as the founder and CEO of India’s leading budget hotel booking platform, i.e., OYO Rooms. Moreover, as one of the youngest billionaires, he shines as an example of innovation and entrepreneurial techniques in the hospitality industry.
Having invented affordable lodging, today, he has changed the dynamics of the hospitality industry, having single-handedly disrupted them and continuing to get praise and recognition for his work, skill, commitment, skills, and talent.
With this, let us embark on today’s topic, which revolves around Ritesh Agarwal’s net worth, career, personal and professional life, and shark tank journey, along with the introduction of OYO Rooms. Therefore, without any further ado, let us get into the guide.
The Establishment of OYO Rooms By Ritesh Agarwal
Ritesh launched Oravel Stays in 2012, similar to Airbnb, offering affordable accommodation services. However, the lack of basic amenities forced him to rebrand Oravel as OYO Rooms, offering the same services, but with quality and standard. OYO Rooms partnered with several independent and small hotels, thus bringing them into one brand, i.e., OYO.
By getting investments from prominent investors, OYO Rooms quickly expanded its reach across the world. OYO Rooms then entered countries like Malaysia, Nepal, China, and more. It also introduced new products like OYO Homes, OYO Life, OYO Townhouse, OYO Vacation Homes, and many more.
During the FY 2023-24, OYO recorded Rs. 229 crores as profit after tax (PAT). Marking its eighth consecutive quarter of positive adjusted EBITDA, the adjusted EBITDA of OYO in FY23 was Rs 277 crore, which increased to ₹877 crore for FY24, reflecting a hike of 215%. Today, OYO Rooms is said to be present in more than 800 cities around the globe, across 80 countries.
Discussing the Shark Tank Journey of Ritesh Agarwal
Ritesh Agarwal is the youngest Shark in Shark Tank India Season 3. The founder and CEO of OYO Rooms, Ritesh has therefore decided to allow budding entrepreneurs to showcase their vision. Surely, Agarwal’s approach and entrepreneurial skills will add a new freshness to the investor panel. Truly, Ritesh’s sharp business mind has made him enter the show as a judge.
Further, in Shark Tank India Season 3, alongside the existing sharks, i.e., Amit Jain, Namita Thapar, Aman Gupta, Anupam Mittal, Peyush Bansal, and Vineeta Singh, six new sharks will be entering the show, i.e., Deepinder Goyal, Varun Dua, Ritesh Agarwal, Azhar Iqubal, Ronnie Screwvala, and Radhika Gupta.
More Judges in Shark Tank
Ritesh Agarwal Net Worth
Ritesh Agarwal’s net worth is estimated to be around a whopping Rs 16,000 crore. Having become India’s second youngest billionaire in 2021, he was also featured on Hurun’s Rich List of 2020, with $ 1.1 billion in assets. Overall, his life is an example of how dedication and determination, coupled with hard work, focus, and commitment, can change one’s fortune and turn all their dreams into reality.
Key Highlights of Ritesh Agarwal’s Biography
| Particulars | Details |
|---|---|
| Name | Ritesh Agarwal |
| Date of Birth | 16 November 1993 |
| Place of Birth | Bissam, Cuttack, Odisha |
| Age | 31 years |
| Height (approx) | 5’9 (1.75 m) |
| Education | Dropout |
| School | Sacred Heart School St. John’s Senior Secondary School |
| University | ISBF Delhi |
| Father’s Name | Ramesh Agarwal |
| Mother’s Name | Not known |
| Siblings | 3 siblings |
| Wife’s Name | Geetansha Sood |
| Children’s Name | Aryan (Son) |
| Profession | Entrepreneur |
| Founder & CEO | OYO Rooms |
| Net Worth (approximately) | Rs 16,000 crore |
Ritesh Agarwal Biography
Early Life & Education
Born in a Marwari family on 16 November 1993, Ritesh Agarwal came to life in Bissam, Cuttack, Odisha. His dad ran a small local shop in Rayagada, Odisha, and he grew up with his siblings in Titilagarh. Initially educated in Sacred Heart School, he later attended St. John’s Senior Secondary School. He went to Delhi’s ISBF for higher studies but dropped out to pursue entrepreneurial dreams. Currently 31 years of age and measures 5 feet 9 inches (1.75 m) tall.
Embarked on his entrepreneurial journey at 13 by selling SIM cards after school. At the age of 19, he became one of 20 candidates to receive Rs 80 lakhs in the Thiel Fellowship of 2010, thus making his manifestations come true. Thiel Fellowship is a platform where twenty students from across the world are granted Rs 80 lakhs to fulfill their dreams. However, there is a certain eligibility – candidates have to drop out of college. Adding to his struggle, Ritesh lost his father in 2023.
Steller Professional Career
Well, all thanks to the Thiel Fellowship of 2010, which helped him turn his dreams into reality. Following, in 2012, Ritesh introduced an online platform named Oravel Stays, inspired by Airbnb, where travelers could find budget accommodations. It was the lack of basic amenities in these affordable stays, which made Agarwal rebrand Oravel Stays to OYO Rooms, thus helping travelers find and book affordable accommodations. It also focused on the quality and standard of hotels, ensuring a comfortable stay for every traveler. OYO Rooms partnered with over 100 hotels and brought them under one brand, i.e., OYO.
| Ritesh Agarwal got married to Geetansha Sood, a native of Lucknow, on 7 March 2023. The duo share a son named Aryan. |
Awards and Recognitions
- The first Asian recipient of the “20 Under 20” award for Thiel Fellowship, 2013.
- Among the 50 entrepreneurs under TATA First Dot Awards, 2013.
- Hottest Teen Start-Up Founders (Business Insider, 2013).
- Youngest CEO at 17 (acknowledged at 16).
- TiE-Lumis Entrepreneurial Excellence Award (2014).
- Forbes “30 Under 30” (Consumer Tech).
- Business World Young Entrepreneur Award.
Bottom Line
If OYO Rooms has ever helped you in finding affordable accommodations, you should thank Ritesh Agarwal. It is due to his innovative approach, mixed with hard work, skill, talent, dedication, and commitment, that we’re able to find and book budget lodgings with just a few clicks. Truly, he serves as an inspiration for all the aspiring entrepreneurs.
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