Oyo founder, Ritesh Agarwal, named the youngest Indian billionaire by Hurun
Oyo founder Ritesh Agarwal has been ranked the youngest Indian on the rich list with a net worth of $1.1 billion (Rs 7,800 crore), according to Hurun Global Rich List 2020, despite a string of unfavorable press. It’s interesting to note that since last year, his net worth has climbed by Rs 300 crore.
When visiting India earlier this week, US President Donald Trump hailed the self-made millionaire. Trump spoke to Agarwal as a “great businessman” and inquired about the number of hotels Ritesh Agarwal owns. Agarwal said, “330 and 40,000 globally.” Trump continued, “That’s wonderful. I am aware of your business. Well done.”
Agarwal was the list’s youngest member last year when he had a net worth of Rs. 7,500,000,000 and was ranked second among the richest company entrepreneurs.
With a net worth of Rs. 7,500 crores, Agarwal was the youngest person on the list in 2018. The Oyo CEO is currently ranked second on the list of the richest company founders in 2019.
Agarwal, a college dropout, founded Oyo in 2013 as a hotel aggregator with support from SoftBank. With its expansion into China, the US, and Europe, it has grown to be the largest hotel chain in India.
For the 26-year-old entrepreneur who has been caught in the center of the crisis for the past few months, this is welcome news.
In response to a complaint made by the owner of Treebo Hotels, the Competition Commission (CCI) earlier this week ordered a thorough investigation into MakeMyTrip and Oyo for allegedly engaging in unfair commercial practices. The fair trade watchdog has requested an investigation into the two organizations twice in less than six months after discovering prima facie proof of a violation of the competition laws.
Sales for the entire company was $951 million, up from $211 million for the previous fiscal year, while revenue for India was $604 million. Oyo, which is struggling to control costs and is laying off employees globally, including in India, reported that losses in its home market increased to $83 million in FY19 from $50 million in FY18.
According to the Hurun Global Rich List 2020, there are 137 billionaires in India as of 2020, including 34 new billionaires this year. The richest person on the list is Mukesh Ambani of Reliance Industries, who has a net worth of $67 billion and earns Rs 7 crore every hour. Ambani is also the ninth-richest person in the world, behind Amazon’s Jeff Bezos, who has $140 billion in wealth.
SP Hinduja family ($27 billion), Gautam Adani (just over $17 billion), Shiv Nadar & family (almost $17 billion), and.. are the next on the list.
Ritesh Agarwal’s Success story
Ritesh Agarwal’s rise from dropout to billionaire has been pretty inspiring. The creator and CEO of the most affordable hotel chain in the world, OYO, is an Indian billionaire named Ritesh Agarwal, who is only 25 years old. He began his adventure at the age of 20 to develop a solution for travelers looking for inexpensive hotels all over the world, and he is currently on the right track to do this.
How Ritesh Agarwal started OYO
Ritesh was a tech nerd from a very young age because Ritesh Agarwal began programming at the age of 10. Traveling the world was another of his passions. He discovers as he travels throughout India that there is a demand for inexpensive hotels in India that offer respectable services. The less expensive hotels don’t offer amenities like air conditioning, WiFi, cozy beds, or breakfast options.
He had the idea to do something about it, so Ritesh Agarwal combined his passion for travel and his fixation with technology to create something helpful. He found it challenging at first because he had no experience with entrepreneurship, but when he built his strategy and presented it to potential investors, he was awarded funding of $100,000 which enabled him to get his business venture off the ground.
Entrepreneurship is a journey where one must constantly learn and develop their knowledge and skill set. It is not a destination. Ritesh began his quest by establishing Oravel Stays, which enabled users to find and reserve inexpensive hotels in their area. The objective for which Ritesh founded this business was not being met by this directory of inexpensive hotels, which was assisting travelers in finding hotels that fit their budget.
He quickly understands that to address this issue, he must conduct extensive research on the hospitality industry, so he sets out to travel around India and stops at nearly hundreds of hotels. After all of this, he discovered that the hospitality industry’s main issues are its non-standard services and unpredictability, therefore he decided to address these issues with the
Concept of OYO
On Your Own is an acronym that many people are unaware of. Then Ritesh improved his outdated business strategy and transformed it into the well-known OYO hotel brand. They began offering reasonable rooms with basic amenities in more than 1000 hotels in India, none of which are owned by OYO. At the age of 23, Ritesh Agarwal became a fortune thanks to this idea.
For every Indian boy who aspires to greatness in life, Ritesh Agarwal is a real-life inspiration. He became the youngest billionaire in India as a result of his innovative thinking and problem-solving skills.