Ritesh Agarwal’s success story, from dropout to billionaire, is quite inspiring. Ritesh Agarwal, a 25-year-old Indian billionaire, is the founder and CEO of OYO, the world’s most affordable hotel chain. He began his journey at the age of 20 with the goal of creating a solution for people looking for affordable hotels all over the world, and he is well on his way to achieving that goal.
Ritesh Agarwal, a successful entrepreneur who is only 26 years old and has received numerous accolades, is the man behind the OYO vision. Born into a poor family in Cuttack, his path to becoming one of India’s most successful entrepreneurs was not easy. In fact, in the age of start-ups, he had to overcome a number of challenges in order to make his unconventional idea work.
He was a tech nerd from a young age, having begun coding at the age of ten. Another of his interests was travelling around the world.
As he travels across India, he realises that there is a need for low-cost hotels that provide adequate services. The low-cost hotels lack essential amenities such as air conditioning, Wi-Fi, comfortable beds, and breakfast facilities. This gave him the idea to do something about it, so he combined his love of travel with his obsession with technology to create something useful.
Entrepreneurship is a journey in which one must constantly learn and improve their knowledge and skill set. Ritesh began his journey by launching Oravel Stays, which assisted people in finding and booking affordable hotels in their area. This directory of low-cost hotels assisted travelers in finding low-cost hotels, but it did not serve the purpose for which Ritesh founded this company. Soon after, he realizes that in order to solve this problem, he must conduct extensive research on hospitality services, so he begins to travel across India, visiting nearly hundreds of hotels. After all of this, he discovered that the major issues in the hospitality industry are non-standard services and unpredictability, so he decided to solve these issues with the assistance of OYO.
The beginning of OYO:
Many people are unaware that “OYO” stands for “On Your Own.”
Ritesh then modernized his old business model and transformed it into a much better one, which is now known as OYO hotels. They begin by offering affordable rooms with standard amenities in over 1000 hotels across India, none of which are owned by OYO. As the country’s largest budget hotel chain, OYO Rooms has been one of India’s most successful start-ups. OYO operates over 23,000 hotels, 8,50,000 rooms, and 46,000 vacation homes worldwide. Hotels are not owned in the Oyo model; instead, Oyo partners with specific hotels and acquires a few rooms to be given to people who want to use OYO’s services. Its primary goal is to standardize hotels in the non-branded hospitality sector. Oyo Room has been one of the most successful ventures because it has solved the issue of affordability, cleanliness, and availability of budget hotels in all Tier-I and Tier-II cities across the country. Ritesh Agarwal became a billionaire at the age of 23 as a result of this concept.
Takeaways from his journey:
- Find a major issue and take into account how to solve it.
- Take pride in your knowledge.
- Continue to learn about your favourite subject and become an expert in it.
- Acceptance of mistakes and the ability to improve in the future
- To succeed, you must put in a lot of effort and be patient.
Ritesh Agarwal’s story is a truly inspirational one for any Indian boy who aspires to do great things in his or her life. His innovative thinking and problem-solving abilities made him India’s youngest billionaire.