net worth
As of 2023, Ritesh’s net worth is said to be around $2 billion.
Profession
Around 2011, Agarwal started a service called “Oravel Stays”, similar to Airbnb. In 2012, Agarwal’s business passed the Venture Nursery incubator program. The company then became one of the winners of the 2013 Thiel Fellowship and received a grant of $100,000. In May 2013, the company started as OYO Rooms.
The company had raised $1 billion as of September 2018. Agarwal reportedly purchased $2 billion worth of shares in the company in July 2019, tripling his holding.
Forbes included him in its list of 30 Asians under 30. He is the youngest Shark on the 2023 edition of Shark Tank India.
dispute
Ritesh Agarwal is accused of defrauding Manish Sinha, who had helped start Oyo, in its early days.
Ritesh Agarwal struck deals with US hotel owners through his company OYO. In exchange for money and promises of revenue, the owners would rebrand their buildings and rename them OYO. However, Agarwal failed to tell the hotel owners that OYO was not allowed to operate franchise businesses in California, and they were fined $200,000 in March 2019. The Washington, D.C. police also asked the company to cease and desist after they found that OYO had made offers to many hotel owners and managers without registering.
In September 2020, an Indian businessman from Chandigarh filed a case of fraud and conspiracy against Agarwal in Dera Bashi. The charges were under Sections 420 (fraud) and 120 B (criminal conspiracy) of the Indian Penal Code.
Owners of 10,000 hotels in India have spoken out against Oyo, which they say takes at least half of its revenue from undisclosed fees charged when hotels sign up.
In October 2019, hotel owners in Bengaluru, Mysore and other towns in Karnataka lodged police complaints asking them to investigate allegations of fraud raised by Agarwal. On the other hand, the latter obtained a stay order in a case in Bengaluru.
educate
He graduated from Sacred Heart School and St. John’s Senior High School. In 2011, he moved to Delhi for college. He enrolled in the international program at the prestigious Indian School of Business and Finance at the University of London.
age
Ritesh Agarwal was born on November 16, 1993. As of 2024, he is 31 years old
family
His family consists of only 3 people. That is himself and his father named Ramesh Agarwal who died after falling from the 20th floor of a high-rise building in Gurgaon on March 10, 2023. His mother’s name is not known to the public.
wife
Ritesh Agarwal married Geetansha Sood on March 7, 2023. Geetansha is from Lucknow. They also have a son named Aryan
Awards
Year: 2013
Year: 2014
Year: 2023
Ritesh Agarwal is a wealthy businessman who founded OYO and currently serves as its CEO. OYO Rooms has 1,500 employees in 154 towns across India and is the largest hotel chain in India with monthly sales of $3.5 million. In 2012, at the age of 25, Ritesh became the second youngest self-made billionaire in the world.
Aggarwal was interested in business and started entrepreneurship at a very young age. At the age of 17, he founded his first company, an online school called Oravel Stays, which was later renamed OYO Rooms.
Agarwal studied at the Indian Institute of Commerce and Finance in New Delhi, but he dropped out to focus on entrepreneurship. In 2013, he won the prestigious Thiel Fellowship, an award for young entrepreneurs. The money was given to him to help him realize his entrepreneurial idea.
When Agarwal founded OYO Rooms in 2014, it was just an Indian website for finding cheap hotels. OYO Rooms quickly became popular among budget travelers, and Agarwal quickly expanded the business to China, the United States, Europe and other places. As one of the largest hotel groups in the world, OYO Rooms currently has more than 43,000 hotels in more than 800 locations in 80 countries.
Interesting Facts
At the age of 13, Ritesh started selling SIM cards.
Although he enrolled in an international program at the Indian School of Business and Finance at the University of London, he never really felt connected to the program. Instead, he attended a lot of business events.
At the age of 17, Ritesh dropped out of school to pursue his entrepreneurial dream. Most kids his age didn’t even know what to do with themselves.
Ritesh Agarwal is the judge of the business reality TV show Shark Tank India in 2023. Both Sony Entertainment Television (SET) and SonyLIV air the show.
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