Ritesh Agarwal

Ritesh Agarwal is an Indian entrepreneur and the founder and CEO of OYO Rooms, one of the world’s largest and most disruptive hospitality startups. His entrepreneurial journey from a small town in Odisha to building a global hotel network has made him a prominent figure in India's startup ecosystem.

Ritesh Agarwal
Born	1993 Bissam Cuttack, Odisha, India
Nationality	Indian
Education	Self-taught, dropped out of college
Occupation	Entrepreneur, CEO of OYO Rooms
Known for	Founding OYO Rooms, hospitality innovation

Early Life and Education

Ritesh Agarwal was born in 1993 in Bissam Cuttack, Odisha. Raised in a modest family, he displayed early interest in technology and startups. After moving to Delhi at age 17 to prepare for engineering entrance exams, he opted out of the traditional path and began exploring business ideas. His experiences staying in budget hotels while traveling across India inspired the concept that would become OYO.

The Birth of OYO Rooms

In 2012, Agarwal launched Oravel Stays, an online platform for listing budget accommodations, inspired by Airbnb. Realizing the need for standardization in India’s fragmented hotel industry, he pivoted in 2013 and launched OYO Rooms. The company aimed to provide affordable, clean, and standardized rooms across India through a franchise model supported by technology.

OYO, which stands for "On Your Own", partnered with small hotels to upgrade infrastructure, implement booking tech, and deliver consistent experiences to travelers.

Growth and Milestones

Under Agarwal’s leadership, OYO expanded rapidly across India and abroad. Key milestones include:

• 2013: Launch of OYO Rooms with a handful of hotels.
• 2015: Received funding from SoftBank, Sequoia Capital, and Lightspeed Venture Partners.
• 2017-2019: Expanded into global markets, including the UK, China, Japan, UAE, and the US.
• 2020: Navigated the COVID-19 crisis with hygiene-focused initiatives and flexible booking options.
• 2021–2023: Refocused on profitability and operational efficiency post-pandemic.

By 2023, OYO was operating in over 80 countries, with thousands of hotels and homes under its platform, making it one of the largest hospitality chains globally.

Challenges and Resilience

OYO’s meteoric rise was not without hurdles. Challenges faced by the company and its founder include:

• Operational consistency: Ensuring quality across partner hotels.
• Regulatory compliance: Navigating hospitality laws in different markets.
• COVID-19 impact: Travel restrictions led to massive revenue loss.
• Investor scrutiny: Pressure to improve unit economics and profitability.

Through agile leadership, Ritesh implemented strategic changes, including layoffs, restructuring, and stronger technology integration to optimize hotel operations.

Leadership and Philosophy

Ritesh Agarwal is known for his:

• Tech-first approach: Emphasizing automation, AI-based pricing, and real-time inventory.
• Customer focus: Prioritizing clean, affordable stays with 24/7 support.
• Global mindset: Scaling OYO from India to international markets.
• Resilience: Steering OYO through crises and revamping business models.

He is also one of the youngest entrepreneurs to join the elite startup unicorn club and has served as an inspiration for young Indian founders.

Awards and Recognition

Ritesh Agarwal has received numerous honors, including:

• Forbes 30 Under 30 Asia (2016)
• Young Global Leader, World Economic Forum (2020)
• Business World Young Entrepreneur Award
• GQ India Top 50 Most Influential Young Indians

Future Plans

Ritesh Agarwal continues to drive OYO’s next phase of growth by:

• Expanding to emerging markets like Africa and Southeast Asia.
• Scaling its premium and vacation rental verticals.
• Deepening tech integration for partner hotels.
• Enhancing unit economics and focusing on IPO readiness.

Conclusion

Ritesh Agarwal’s journey is a remarkable story of vision, courage, and innovation. From a dropout with an idea to a global hospitality disruptor, he has transformed budget travel for millions. OYO’s story stands as a symbol of India's entrepreneurial strength in the global startup arena.