Who is owner of oyo | OYO startup story | success story of OYO | Ritesh Agrwal the youngest entrepreneur

                    success story of OYO

• Ø Introduction
• Ø Concept for OYO in a unique way
• Ø Meaning of OYO
• Ø What is before OYO
• Ø About OYO Success
• Ø OYO's growth
• Ø COVID's impact on OYO
• Ø OYO Funding
• Ø Short bio of Ritesh Agarwal 

Introduction :-

OYO rooms is India's largest budget hotel chain and one of the country's most successful start-ups. Over 23,000 hotels, 8,50,000 rooms, and 46,000 vacation homes are available through OYO throughout the world. Hotels are not owned under the Oyo model; instead, Oyo partners with hotels and buys a few rooms to provide to customers who wish to use OYO's services. Its main goal is to standardize hotels in the non-branded hospitality industry. Oyo Rooms has been one of the most successful enterprises in the country, as it has solved the issues of cost, cleanliness, and availability of budget hotels in all Tier-I and Tier-II towns.

All of this is the idea of Ritesh Agarwal, the guy behind the OYO concept. Ritesh is a successful entrepreneur who is only 26 years old and has received several awards. His path to become one of the most successful entrepreneurs wasn't easy. He was born into a poor household in Cuttack. In reality, he had to overcome numerous obstacles in the era of start-ups in order to make his unorthodox idea succeed.

Ritesh Agarwal has had a lot of success because he has a good knowledge of company demands and has built something that people want. Getting a start-up funded isn't always simple. To acquire money nowadays, you don't need to go to Silicon Valley and have lunch with venture investors. Look for an internet loan broker to help you fund your start-up.

Concept for OYO in a unique way:-

Ritesh has been a tech nerd since he was ten years old, and he began coding at the age of ten. Traveling across the world was another of his passions. As he travels around India, he sees that there is a demand for reasonably priced hotels that give adequate service. The budget hotels lack essential amenities such as air conditioning, Wi-Fi, decent mattresses, and breakfast facilities.                                                                                                      This inspired him to do something about it, so he coupled his passion for travel with his fascination with technology to create something helpful. It was tough for him at first since he had no experience with business, but when he built his idea and presented it to investors, he was able to secure $100,000 in investment, which enabled him to begin his entrepreneurial adventure.

Meaning of OYO:-

"OYO" means for "On Your Own," as many people are unaware. Ritesh then improved on his previous company concept, which is now known as OYO hotels. They begin by offering low-cost rooms with basic amenities at over 1000 hotels across India, none of which are owned by OYO. Ritesh Agarwal, who was 23 years old at the time, became a fortune because to this idea.

 

What is before OYO:-

Before founding OYO, Ritesh Agarwal was a wanderer who travelled around the country and identified the problem with inexpensive motels during his travels. As a result, at the age of 17, he founded Oravel Travels, a service modelled after Airbnb. It was later renamed OYO rooms. He saw that there was more to the problem with inexpensive hotels than just availability, so he founded OYO to address other concerns.

About OYO Success:-

OYO was not an instant success. It had to go through a series of events as well as some challenging stages. The COVID epidemic had an effect on the company's operations as well. Following its launch in 2013, OYO began purchasing rooms in hotels around the nation and converting them to OYO. The main goal of the firm was to provide decent and cheap housing for its employees.

 

OYO's growth:- 

After 2013, OYO has continued to expand. It began operations in India and now operates in 800 cities in more than 80 nations. In 2018, the firm began international operations in Malaysia. It later expanded into the UK, UAE, Dubai, China, Singapore, Indonesia, and other areas.                                                                                    

   In 2018, the firm transitioned to a 100% leased and franchised hotel network. In 2018, it had 75 million global stayed hotel nights, about six times more than in 2017, and made $211 million in revenue. It reported 13 million, 6 million, and 4 million global stayed hotel nights in 2017, 2016, and 2015.

In 2021 company’s net-worth is  around $403.3 Million (Rupees – 3,009 Crores) However, in 2019, OYO made $951 million revenue , and its 4.5 times more than 2018.

 

 

COVID's impact on OYO:-

As with other businesses, OYO, which is a hospitality firm, was adversely impacted by the coronavirus epidemic. In his presentation to OYOpreneurs, Ritesh Agarwal stated that income and occupancy dropped by about 50-60% in April 2020. the company's global partners lost money, and sales dropped by 75%. As a result, its staff were forced to take a 25% wage cut.

OYO Funding:- 

OYO needed money to develop because company was founded by a seventeen-year-old boy. Ritesh's concept struck a chord with investors, and he has attracted a large number of them over the years. OYO received Rs 4 crore from LightSpeed Venture Partners (LSVP) and DSG Consumer Partners at a pre-money value in 2014 after earning a $100,000 Thiel Fellowship grant.                                      

OYO got $25 million in investment from its backers, including Lightspeed India, Sequoia Capital, and others, in March 2015. In July of the same year, OYO secured a staggering $100 million in a Series C round of investment from the world's most renowned and powerful investor, SoftBank of Japan.

After raising $800 million from SoftBank in September 2018, OYO was added to the list of unicorn businesses. In 2019, OYO secured $807 million in series F investment from Ritesh Agarwal's RA Hospitality Holdings and SoftBank. OYO also received funding from Airbnb and Didi.                                                                                

   Hindustan Media Ventures provided OYO with its most recent round of investment in January 2021. OYO received a Rs 540 million investment from the company.

Short bio ofRitesh Agarwal:-

Born:-	November 16, 1993 (Age – 27)
Identified as:-	Founder & CEO of OYO
Status	Entrepreneur
Education	Indian School of Business and Finance, Delhi (drop-out)
Nationality	Indian
Residence	Cuttack, Odisha, India
Spousal Status	Single
Children	No

 

According to the Hurun Global Rich List 2020, he was the world's second-youngest billionaire in 2020,  Facebook founder MarkZuckerberg still on the top spot.

He is no longer among India's billionaires, since his money has plummeted as a result of the COVID – 19 epidemics.

Ritesh Agarwal was born in the tiny town of Bassam Cuttack in the Indian state of Odisha on November 16, 1993, and grew up in Titilagarh.

Ritesh began selling SIM cards when he was 13 years old.

While on a visit to India, US President Donald Trump honoured Ritesh Agarwal. Donald Trump referred to Agarwal as a "brilliant businessman" and inquired about the number of hotels he owns. Ritesh responded, "330 in India and 40,000 worldwide." "That's incredible," Trump added.  This self-made billionaire's net worth was reported to be about $1.1 billion, or nearly Rs. 7,877 crores, at the age of 26.

Education:-

After graduating from St. Johns Senior Secondary School, he relocated to Delhi in 2011 to pursue higher studies.

In 2013, he dropped out after two years of college when he applied for the Thiel Fellowship, an organisation created by Peter Thiel, a famous billionaire entrepreneur and tech investor, to assist new businesses, and he was honoredably accepted.

It was one of the Thiel Fellowship Program's 20 winners in 2013, receiving a $100,000 grant.

Awards and honour of OYO

1.       Business World Young Entrepreneur Award (2015)

2.       Digital Champion of the Year at Brand Excellence Awards (2015)

3.       Star Youth Achiever Award at 8th YOUTH MARKETING & SOCIAL MEDIA FORUM (2016)

4.       NDTV Dream Chaser of the Year (2016)

5.       Forbes 30 under 30 - Consumer Tech (2016) (Global, India, Asia)

6.       Fortune 40 under 40 (2016) 1

7.       The Economic Times 40 under 40 (2016)

8.       Asian Centre’s New Age Entrepreneur Award (2017)

9.       Gaurav Samman by The Government of Haryana (2017)

10.   GQ India - 50 Most Influential Young Leaders (2016, 2017)

11.   Real Innovation Awards by London Business School - If you don’t succeed at first category (2017)

12.   Best Entrepreneur of 2018 by International Hospitality Council (IHC) (2018) 3

13.   StartAP Entrepreneur of the Year Award (2018)

14.   Forbes India Tycoons of Tomorrow (2018)

15.   Dataquest IT Person of the Year (2018)

16.   CNBC’s Young Turk of the Year (2019)

17.   The Open Republic Achievers Awards - Business New Age category (2019)

18.   BTVi National Awards for Marketing Excellence: Young Achiever of the year (2019) – Ritesh Agarwal

19.   BTVi National Awards for Marketing Excellence: CEO of the year (2019) -Ritesh Agarwal

20.   Ritesh Agarwal, Founder & Group CEO, OYO Hotels & Homes won 'The Millennial Maverick' Award at GQ & Mercedes-Benz Restless for Tomorrow Awards (2020)