Ritesh Agarwal, the visionary entrepreneur behind OYO, has become a hospitality industry leader, change people's perceptions and experiences with low-cost accommodations all over the world. His journey from small-town visionary to CEO of one of the world's fastest-growing hospitality chains exemplifies his perseverance, smart thinking, and strong faith in his vision. In 2012, he founded Oravel Stays, a bargain housing website, then in 2013, he created OYO Rooms, which transformed the hospitality landscape.

Idea Behind OYO Rooms

OYO, or 'On Your Own,' was founded with a purpose of offering standardized and economical housing. Ritesh's in-depth understanding of the challenges of affordable housing, along with his unique strategy, drove OYO's quick rise. The website offered a variety of low-cost hotels, guesthouses, and homes, all subject to high-quality standards to ensure a consistent and comfortable stay. This devotion to excellence, combined with Agarwal's endless effort, drew attention and investment.

Under Agarwal's leadership, OYO expanded not only in India but also globally. The company's ambitious expansion included strategic partnerships, acquisitions, and a strong technological infrastructure. OYO changed built hospitality designs by leveraging technology to streamline operations, improve client experiences, and support hotel partners. Agarwal's ability to face challenges and adapt when essential led significantly to OYO's amazing success.

Concept of OYO

"OYO is stands for On Your Own" . Ritesh then improved the previous company idea, which is today known as OYO Hotels. They begin offering affordable rooms with standard amenities at over 1000 hotels across India, although OYO does not own any of them. This idea made Ritesh Agarwal a billionaire at the age of 23.

OYO Rooms Successful Journey & Ventures

2013: Ritesh Agarwal receives $100,000 grant as part of Thiel Fellowship.

2014: Secures first series A funding.

2015 - March: Attracts $25 million in funding.

2015 - April: Launches OYO app, initiating rapid expansion.

2015 – July: Secures $100 million in series C funding from SoftBank.

2016: Achieves milestone of 1 million check-ins; expands to Malaysia.

2017: Ventures into Nepal market.

2018: Expands globally, establishing presence in UK, UAE, Dubai, China, Singapore, and Indonesia; achieves unicorn status.

2019: Expands to over 500 cities globally, offering more than 330,000 rooms.

Under Agarwal's leadership, OYO, the hospitality and travel tech startup, reached an important milestone with the creation of positive cash flow in the fourth quarter of the year 2023. According to a presentation given to staff, the company ended Q4FY23 with a cash flow surplus of Rs 90 crore, indicating a positive financial outlook. This achievement puts OYO on track to have its first profitable year since its launch in 2013, with a projected adjusted EBITDA of around Rs 245 crore in FY23.

In September 2018, the company raised $1 billion in investment. By July 2019, reports stated that Agarwal had invested $2 billion in shares, increasing his position in the firm. OYO Rooms was valued at $9.6 billion in August 2020, after raising $5 million from tech giant Microsoft. OYO Rooms began their IPO filing process in October 2021.

During difficult times, OYO had to make adjustments, laying off 400 staff in December 2019 and more during India's lockdown in March 2020. Despite this, OYO is determined to expand into important areas like as India, China, Southeast Asia, the Middle East, and Europe.OYO Rooms has received funding from significant investors such as SoftBank Group, Didi Chuxing, Greenoaks Capital, Sequoia India, Lightspeed India, Hero Enterprise, Airbnb, and China Lodging Group.

Ritesh Agarwal – Investments in Shark Tank India