Oyo Ritesh Agarwal Net worth, Wife, Father, Age, Education, & Bio

By | March 2, 2024
Oyo Ritesh Agarwal Net worth, Wife, Father, Age, Education, & Bio

Ritesh Agarwal, born on 16 November 1993 in Bissam Cuttack, Rayagada, Odisha. Ritesh Agarwal Age is 30 years old in 2024. He is an Indian entrepreneur and the founder and CEO of OYO Rooms.

Additionally, he has been featured in Shark Tank India (season 3) since 2024. Agarwal’s net worth is estimated to be around ₹15,000 crore.

Personal life

Family

Ritesh Agarwal was born into a Marwari family in Bissam Cuttack, Odisha, India, and was raised in Titilagarh. His family operated a small shop in Rayagada, Odisha. Ritesh Agarwal’s wife is named Geetansha Sood, and she hails from Lucknow.

Education

He completed his schooling at Sacred Heart School and later attended St. Johns Senior Secondary School. In 2011, he moved to Delhi for college.

Career

In 2011, Ritesh initiated an Airbnb equivalent called “Oravel Stays.” His venture underwent the accelerator program Venture Nursery in 2012 and subsequently became one of the winners of the 2013 Thiel Fellowship, securing a grant of $100,000.

The company was officially launched as OYO Rooms in May 2013.

By September 2018, OYO Rooms had successfully raised $1 billion in funding. In July 2019, reports indicated that Agarwal had acquired $2 billion worth of shares in the company, effectively tripling his stake. He earned a spot on the Forbes 30 under 30 list for Asia.

In 2023, he achieved the distinction of being the youngest Shark featured in Shark Tank India.

Quote

“As an entrepreneur, you have to be open to taking risks, especially when the downside is limited but the upside is high.”

Ritesh Agarwal, OYO Founder

Ritesh Agarwal Age, Wikipedia & Biography

Real NameRitesh Agarwal
Nick NameRitesh
ProfessionBusinessman, Entrepreneur, Investor
Date of Birth16 November 1993
Age (As of 2024)31
SexMale
BirthplaceBissam Cuttack, Rayagada, Odisha, India
Religion/CasteHindu/Marwari
Languages KnownOdia, Hindi, English
HobbiesNot known
Interested InWoman
Popular forOyo Rooms
Shark Tank India
Years active2012
Mother TongueHindi
NationalityIndian
SchoolSt. johns senior secondary school
CollegeIndian School of Business and Finance
University of London (+2 Science PCM)

 

OYO Rooms Journey

2013: Ritesh Agarwal selected for the Thiel Fellowship and received a $100,000 grant.

2014: Received first series A funding.

2015 – March: Received $25 million in funding

2015 – April: OYO app was launched followed by massive expansion.

2015 – July: Bagged $100 million in series C round of funding from SoftBank.

2016: The hotel chain hit the 1 million check-ins mark & also launched in Malaysia.

2017: Launched a business in Nepal.

2018: Established operations in the UK, UAE, Dubai, China, Singapore & Indonesia and became a unicorn.

2019: In total, OYO gained more than 330,000 rooms in 500 cities globally.

 

Ritesh Agarwal Awards & Recognition

-First Resident Asian to win ’20 Under 20’ Thiel Fellowship in 2013.

-One of the Top 50 Entrepreneurs by TATA First Dot Awards in 2013.

-One of the 8 Hottest Teenage Start-up Founders in the World by Business Insider in 2013.

-Received TiE-Lumis Entrepreneurial Excellence Award in 2014.

-Forbes “30 Under 30” in the Consumer Tech Sector.

-Young Entrepreneur Award by Business World.

 

Ritesh Agarwal Networth

Ritesh Agarwal’s net worth is estimated to be around ₹15,000 crore in 2024.

In 2022, the net worth of Oyo founder Ritesh Agarwal reached $1.1 billion, making him the second-youngest self-made billionaire in history at the age of 21.

However, his net worth faced a decline due to the impact of the pandemic. Ritesh Agarwal’s primary source of income in 2022 was his business, Oyo Rooms, known for providing affordable hotel accommodations and amenities.

Despite the challenges, his net worth saw a 22% increase compared to the previous year.

 

Controversies

Allegations of cheating have been directed at Oyo’s co-founder, Ritesh Agarwal, specifically involving Oyo’s early days with co-founder Manish Sinha.

In the United States, Agarwal and Oyo faced fines for signing agreements with hotel owners without disclosing that Oyo wasn’t authorized to operate a franchise business in California. In March 2019, California regulators fined Oyo $200,000, and Washington issued a cease and desist order due to improper registration.

In September 2020, a case was filed against Agarwal in Dera Bassi, accusing him of fraud and conspiracy under IPC 420 (cheating) and 120 B (criminal conspiracy). Oyo has also faced backlash from 10,000 hotel owners in India, claiming that Oyo takes a significant portion of revenues through undisclosed fees.

In October 2019, police cases were filed against Oyo by hotel operators in Bangalore, Mysore, and other cities in Karnataka, accusing Agarwal of fraud. Agarwal successfully obtained a stay order on one case in Bangalore.

Also Check: Sheetal Patra Age, News, Instagram, Photo, Wiki & Biography

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