At just 29 years old, Agarwal has built an impressive net worth of ₹16,000 crores (approximately $2.1 billion USD), primarily through his majority stake in OYO.
Ritesh Agarwal, born on November 16, 1993, is an Indian billionaire entrepreneur renowned for founding and leading OYO Rooms, a prominent hospitality chain. As of 2024, he has gained recognition as a panellist on Shark Tank India’s popular television show (Season 3).
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Ritesh Agarwal Net Worth
Ritesh Agarwal net worth is estimated at INR 16,000 crore, while his company, OYO Rooms, is valued at INR 80,000 crore. Remarkably, his net worth increased from approximately INR 8,000 crore in 2020 to nearly double that by 2023. This impressive growth highlights the success of his business ventures.
Ritesh Agarwal Personal Life
Agarwal was born into a Marwari family in Bissam Cuttack, Orissa, and grew up in Titilagarh. His family ran a small shop in Rayagada, Odisha.
He completed his early education at Sacred Heart School and later attended St. John’s Senior Secondary School. In 2011, he moved to Delhi to pursue higher education.
On March 7, 2023, Agarwal married Geetansha Sood, who hails from Lucknow.
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Ritesh Agarwal Career
Ritesh Agarwal’s entrepreneurial journey began in 2011 when he launched Oravel Stays, an Airbnb-like platform. His venture gained momentum after participating in the Venture Nursery program in 2012 and winning the Thiel Fellowship in 2013, which awarded him a grant of $100,000. In May 2013, he rebranded his company as OYO Rooms.
By September 2018, OYO had successfully raised $1 billion in funding. In July 2019, Agarwal made headlines by purchasing $2 billion in shares, significantly increasing his stake in the company. His accomplishments earned him a spot on the Forbes 30 Under 30 list for Asia.
In 2023, Agarwal became the youngest “Shark” on Shark Tank India, further solidifying his status in the entrepreneurial landscape.
OYO Rooms Journey
2013: Ritesh Agarwal was selected for the Thiel Fellowship and received a $100,000 grant.
2014: Secured its first Series A funding.
2015:
- March: Raised $25 million in funding.
- April: Launched the OYO app, paving the way for rapid expansion.
- July: Secured $100 million in Series C funding from SoftBank.
2016: Achieved the milestone of 1 million check-ins and expanded operations to Malaysia.
2017: Entered the Nepal market.
2018:
- Expanded to the UK, UAE, Dubai, China, Singapore, and Indonesia.
- Achieved unicorn status.
2019: Grew its portfolio to over 330,000 rooms across 500 cities worldwide.
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Recent Developments
In 2024, Agarwal continued to spearhead OYO Rooms as the company focused on expanding its footprint in international markets, including the Nordic countries, Southeast Asia, the United States, and the United Kingdom. He predicted that spiritual tourism would emerge as a significant contributor to India’s tourism sector over the next five years, supported by data indicating a 70% increase in bookings for holy destinations like Ayodhya.
Notably, in May 2024, OYO reported its first-ever profit after tax (PAT) of ₹229 crore for the financial year 2023-24, following eight consecutive quarters of positive adjusted EBITDA. The company’s adjusted EBITDA surged by 215%, reaching ₹877 crore in FY24, up from ₹277 crore the previous year.
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Controversies
Despite his success, Agarwal has faced controversies, including allegations of cheating from OYO’s co-founder, Manish Sinha, during the company’s early days. However, OYO has denied all charges against Agarwal.
Television Appearance
In addition to his entrepreneurial ventures, Agarwal has made a name for himself on television as one of the investors and judges on Shark Tank India, where he shares his insights and experiences with aspiring entrepreneurs.
Awards & Recognition
- 2013:
- First Asian recipient of the ‘20 Under 20’ Thiel Fellowship.
- Named among the Top 50 Entrepreneurs by the TATA First Dot Awards.
- Featured as one of the 8 Hottest Teenage Start-Up Founders in the World by Business Insider.
- 2014: Received the TiE-Lumis Entrepreneurial Excellence Award.
- Forbes “30 Under 30” in the Consumer Tech sector.
- Received the Young Entrepreneur Award by Business World.
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Books by Ritesh Agarwal
- Indian Engineering Colleges: A Complete Encyclopaedia of Top 100 Engineering Colleges.
- Kaleidoscope: A collection of 25 award-winning short stories.
Conclusion
Ritesh Agarwal, born in 1993 in Odisha, transformed from a small-town entrepreneur into a global business leader. At 29, he has amassed a net worth of ₹16,000 crores through OYO Rooms, which he founded at 19. The company has grown from a simple hotel aggregator to a multinational hospitality chain valued at ₹80,000 crores. His journey includes winning the Thiel Fellowship, raising significant funding, and recently joining Shark Tank India as its youngest panelist. In 2024, OYO achieved its first profitable year, reporting ₹229 crore in profit after tax.
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