Ritesh Agarwal: The Young Creator of OYO Rooms

image source: http://www.yosuccess.com

Ritesh Agarwal is the founder and CEO of OYO Rooms-The fastest growing chain of hotels in India. The current turnover of OYO rooms is over 360 crore. OYO provides cheapest,efficient and standard rooms to the travelers in a convenient way. He is a man who puts his heart and soul together and donates 16 hours a day for fulfilling his dream.

image source: https://www.techinasia.com/

How Did He Started- a beginning idea for OYO

Ritesh started very early than a usual entrepreneur should start. In his early days of life, he always had an urge to become an entrepreneur. He was born in a business class family in Orissa. Ritesh always enjoyed learning in school but his methodology was unconventional. He always used most of his time in front of a computer screen studying software. He wanted to do something great in this field. Thus he learnt programming from his brother and read different books related to programming. In 10th he decided to take up coding for living.

image source: https://www.teachermagazine.com.

Then he went to Kota for IIT preparation, where he spent most of his time doing coding stuff. He enrolled to Bansal Classes for IIT preparation. In rest of the free time he used to travel and rest.

He also wrote a book based on his research on Engineering colleges as “Indian Engineering colleges: Encyclopedia of Top 100 Colleges“. It was a bestseller on Flipkart. Then he was selected for many national science projects including (TIFR) in Mumbai.

Ritesh traveled a lot and stayed in PGs,hotels,rest rooms etc. He often used to take a train from Kota to Delhi where he could attend different business sessions and meet entrepreneurs.

Transformation into an Entrepreneur

Ritesh went to Delhi for preparing for SAT to move to US for further studies. He had no money problem as his pocket money used to be 15,000 rupees monthly. But he decided to leave the idea of SAT and decided to pursue entrepreneurship. He used to read about startups, business profiles and Airnb.

image source : www.twitter.com

Now Ritesh realised that a budget hotel in our country never met our basic needs, thus he started his first venture Oravel stays in 2012. It provided bed and breakfast services to travellers.Then he got a funding of 30 lakhs from venture Nursery (an organisation that helped nurturing of other startups). With his sufficient money, he presented his idea at the Thei Fellowship- an international contest for students.

Ritesh even got a sum if $100,000 and guidance from PayPal co-founder and Facebook investor Peter Thiel. Thus he started working more rigorously to accomplish his dreams but his business model was falling down. As they tried to replicate the AirnB model, it did not work and they were not able to pick up the company.

image source: https://techcrunch.com

Launching of OYO Rooms

Then after his one failure he undergone a thought process again and realized that the biggest problem faced by travelers is to good,affordable and efficient food in hotels. He remembered his days when he used to stay in different places and was always unsatisfied with their services. Thus he decided to build an online portal which could provide details of good places on one platform. He relaunched Oravel as OYO Rooms.

image source: http://www.bhubaneswarbuzz.com

OYO Rooms was just an idea to create a chain of successful basic and standardized rooms which could meet the basic needs of people and make them live up to their standards. Thus each hotel associated with OYO rooms signed an agreement with OYO Rooms to fulfill basic OYO standards.The company got a turnover of Rs 1 crore per month in 2014. Thus motivated him and Ritesh launched an app for OYO Rooms in 2015. A network of 1000 rooms were created in 25 cities.

 

image source: http://www.pcquest.com

Now OYO Rooms is a brand in the market and this is how a young creative mind created himself into a brand. Today he motivates youth for startups and is an idol for everyone. Today he is living a luxurious life and also inspiring youth of India to live this type of life by promoting entrepreneurship. He conducts lectures and seminars in big colleges like IIM Ahemdabad to motivate students.

Thank you everyone for reading this post. STAY TUNED for more information. If viewers have any query regarding this post they can mail us at admin@wethetransformers.com

About Akhil Batra 15 Articles
Hello Everyone! I am Akhil Batra,Delhi Technological University

20 Comments

  1. Wow, Ritesh. This is an amazing stuff you are doing here also at your age. Good for you! We also have something similar over here call “WeCreate”. Love the idea of sharing working spaces with other creators and entrepreneurs.

  2. It’s always inspiring to see a young entrepreneur build something from the ground up. If only more people would be like him and actually work at something.

  3. Entrepreneurship is something that I find very inspirational. It takes a lot of hard work and dedication to bring any idea to life. Kudos to this young entrepreneur for his achievements.

  4. I love these kinds of success stories! Entrepreneurs are amazing, creative beings that can make something GREAt out of nothing. Thanks for inspiring me today – sharing with my children to inspire them as well.

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