Ritesh Agarwal Net Worth 2017, Controversies and Building the OYO empire

India’s biggest budget hotel chain, OYO rooms is also one of the fastest growing companies in India. It was founded by Ritesh Agarwal in 2011. At that time Ritesh Agarwal was at the age of 19. Today Oyo rooms have tie-ups with more than 500 hotels and an inventory of more than 50,000 rooms. The company’s net worth is more than $500 million. Oyo rooms might raise close to $500 million from Softbank Vision Fund this year. If it happens, Oyo will join the billionaire club of India and Ritesh Agarwal net worth will increase by manifolds. The story of Ritesh Agarwal is not an over-night success. He went through a lot of struggle and hardships before the company got its first round of funding. Keep reading to check out Ritesh Agarwal net worth, controversies and building the Oyo empire.

Born and brought up in Cuttack, Ritesh Agarwal started coding at the age of 8. He was not fond of formal education and hence dropped out of his college when he was 17. During this time, he travelled to various parts of the country. He rented various B&Bs and budget hotels. Ritesh was not satisfied with the service and facilities offered to him. This sparked the idea of starting Oravel Stays, an Airbnb for India.

Controversies

Ritesh had his fair share of controversies with his previous co-founders and employees in Oravel. Some say that he is an outright lier. He doesn’t know how to code and the foundation of Oravel Stays are based on fake facts and numbers. Kunal Pandya of Ncrypted (A Gujarat based technology company) says that he licensed his vacation rental web portal Bistrostays to Ritesh Agarwal. They were promised some shares of the Oyo by Ritesh which never happened.

bistro stays

 

Achievements

Whatever the controversies were, Ritesh Agarwal has emerged as a young startup industry leader. It was his mind and passion behind the business which made things work.

1. “20 under 20” Thiel Fellowship

Ritesh Agarwal was nominated for Thiel Fellowship which is an initiative by Peter Thiel. It is a 2 year program under which young entrepreneurs receive $100,000 along with mentorship from industry experts including Mark Zuckerberg, Elon Musk, Peter Thiel etc.

2. Forbes “30 under 30”

He is one of the very few Indians who have received Forbes “30 under 30” award in consumer tech sector. He received this award when he was 22.

3. Top 50 Entrepreneurs by Tata First Dot

Tata First Dot is an initiative by Tata Group. It aims to identify student entrepreneurs, founders and bring them together to support and accelerate entrepreneurship in the country. Top startups gets a chance to present themselves in bootcamps in 5 cities.

4. Businessworld’s Young Entrepreneur Award

Young Entrepreneur Award is organized by Businessworld business magazine. This award is one of many recognitions won by Ritesh. In the video shown below, he talks about how to start a Startup.

 

This is our article about Oyo room’s founder and CEO, Ritesh Agarwal net worth, controversies and how he made this amazing company. Let us know your thoughts, feedbacks and suggestions at hi@coworkingindiamag.com.

See also – Bhavish Aggarwal’s Net Worth

 

Rutavi Bhatia

Author at Coworking India Magazine. I love writing about entrepreneurship, innovation and technology.

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