OYO Rooms- easing your stay tension
There was a time when you go to a new city and start your search for the right rooms at reasonable prices which would take hours to complete. But today, rooms can be booked within the tap of your phone. The OYO Rooms provide you with your desired stay at a reasonable price. One can find OYO Rooms almost everywhere across the country. But who actually is the mastermind behind this? Don’t be shocked- it’s a teenage boy who started OYO at the age of just 17 years. Ritesh Agarwal, today 25 is one of the youngest CEO in India. The story of OYO Rooms is quite an interesting one which you must know about.
Ritesh Agarwal is one of the youngest entrepreneur in the country.
His journey started a long back before launching OYO Rooms. During his childhood in Odisha, Ritesh was very much interested in coding and also borrowed a book from his elder brother to learn coding. His love for software made him learn coding at the age of just 8! Ritesh went to Kota for his further studies and there he use to learn coding in different languages. Some of the fun languages like Basic and Pascal were taught in school itself, and rest he managed to learn from Google. He use to frequently travel to Delhi to talk to several entrepreneurs, attend their conferences and when not allowed often use to sneak in. During this time it was tough finding a room for a night at reasonable rates. This is when the idea of OYO Rooms actually originated. Initially started with just one hotel in Gurugram, Ritesh launched Oravel Rooms- an online budget lodging site- as a medium to provide rooms at cheapest rates. After three months of research and staying in over 100 bed and breakfast homes, guest houses, and small hotels, he pivoted Oravel to OYO in 2013. Now the team of five members were elevated to the team of 25 members. Shortly after launching Oravel Stays, Ritesh Agarwal received a grant of $100,000 as part of the Thiel Fellowship from Peter Thiel. He soon expanded and collaborated with several others hotels as well and also started providing extra tips on the bucket list such as breakfast option. He spread his venture to almost all the big cities like Delhi, Mumbai, Pune, Chennai, Shimla and many more. Today there’s hardly any city left in India where you can’t find an OYO Room. In 2015,OYO raised Series A round of funding $24 million from Lightspeed Venture Partners, Sequoia Capital, Greenoaks Capital and DSG Consumer Partners. In 2016, he spread his venture across the borders of Malaysia and Nepal. In 2017 it received more funding from Softbank Group. Last year OYO launched its project in Indonesia as well. Now OYO provides so many offers, like when you stay in an OYO room you’ll find their own set of toiletries for you, some offers also includes free breakfast as well. During festive seasons, the discounts are given and other gift vouchers are also included. Today the company has 450,000 listings in 500 cities in India, China, Malaysia, Nepal, the United Kingdom, the United Arab Emirates, Saudi Arabia, the Philippines, Indonesia, and Japan. The company also operates OYO Home, an Airbnb-like marketplace for short-term managed rentals.
Ritesh Agarwal Becomes India’s Youngest Member On Rich List With Net Worth Of Rs.2,600 Crore. Ritesh has won national and international awards including Business World Young Entrepreneur Award, TIE Lumis Business Excellence Awards, India International Travel Mart Award and Lufthansa ET Now Runway to Success Award.
Once Ritesh also joined the University of London’s course at Indian Business School. But only after going there for three days, he took a leave to start his own venture and after that didn’t came back. His thirst for his own company took him where he is seen today. Ritesh was not only the one who only dreamt big but also kept a vision to achieve bigger. This led him to become the youngest entrepreneur in the country.