Ritesh Agarwal, born on November 16, 1993 (31 years old) in Odisha, India, is one of the youngest billionaires in India after founding the company “Oyo Rooms” at the age of 21. In just ten years, it became one of the most important hotel chains in the world. In 2024, he participated in the reality show “Shark Tank India,” where entrepreneurs present their businesses live.
Like many entrepreneurs, Agarwal faced an extreme situation and identified a major problem in India’s hotel sector. He was able to channel this initiative through a scholarship that financed the first stage of his project. Years later, and at only 21, Ritesh founded Oyo Rooms, a hotel company that today is valued in the billions of dollars.
From Odisha to entrepreneurship
After completing his primary and secondary education, Agarwal moved to New Delhi to pursue university studies. From the beginning, he envisioned transforming the model of hotel chains and Airbnb-style accommodations in India. After dropping out of college, he founded “Oravel Stays,” a budget and simple lodging option.
This first step in the business world was supported by a small financial grant. A year later, at the age of 19, he won the Thiel Fellowship, which awarded him more than $100,000. Eventually, the same company changed its name to “Oyo Rooms.”
The story of Ritesh Agarwal with Oyo Rooms
Oravel Stays, later renamed Oyo Rooms, started as a website to manage budget reservations and accommodations. In 2013, the year of the company’s relaunch, he began working with a single hotel near Delhi. Agarwal described that moment as an all-around experience, where he played the roles of “engineer, receptionist, manager,” while coding for the app and website at night.
How did he capture the attention of investors? Agarwal built a strategy around the poor quality of hotels in India and the bad state of services and staff. He brought an investor on-site to witness the situation firsthand. As the business grew in India, he hired managers and staff, and by 2016 the company expanded to Malaysia. Between 2018 and 2019, Oyo reached the United States, Europe, China, and the United Kingdom.
Exponential growth and global expansion
By 2018, the company had a valuation exceeding $1 billion. A year later, Ritesh invested $2 billion to double the company’s shares. Over the years, Oyo grew exponentially: present in more than 800 cities, across 80 countries, with over one million rooms and nearly 20,000 employees.
The COVID-19 pandemic disrupted Oyo’s operations. The reduction in demand and the need to optimize resources created internal tensions with staff and operational costs. In 2021, Oyo partnered with other companies to join the Confederation of the Hotel Industry.
Shark Tank India
The concept of a “shark” is tied to entrepreneurs, investors, and business leaders who have shaken industries with groundbreaking projects. Ritesh became the youngest to appear on India’s version of the show and was featured on the Forbes 30 Under 30 list.
One of his notable predictions was that spiritual tourism centers would grow significantly. Indeed, studies later showed a 70% increase in such destinations. From 2023 to 2024, Oyo reported profits for eight consecutive quarters. In September of the same year, for $520 million, Oyo acquired shares of Motel 6, a U.S. chain specializing in budget hotels.
A funding round last year raised $120 million for Oyo, though compared to 2019, revenues fell by 70%. These numbers reflect the post-pandemic downturn but still keep Oyo Rooms among the top hotel giants in India and worldwide.
Beyond business
Ritesh Agarwal is a member of various institutes, part of the Thiel Foundation, and has authored a book featuring award-winning short stories. At 21, he became the youngest billionaire in India by creating an empire born out of the poor quality of hotels in the country. First with investors, then with corporate support, Oyo’s growth rose year after year, solidifying Agarwal’s place as one of India’s most influential entrepreneurs.