Ritesh Agarwal, born in Bissam Cuttack, Odisha, India, and brought up in Titilagarh, hails from a Marwari family. His family used to run a small shop in Rayagada, a city in Southern Odisha, where he completed his schooling at Sacred Heart School. At a young age of 13, Ritesh started selling SIM cards, indicating his entrepreneurial spirit.
He moved to Kota, Rajasthan, and graduated from St. Johns Senior Secondary School before relocating to Delhi for college in 2011. However, he dropped out of college after some time and was selected for the Thiel Fellowship program started by Peter Thiel in 2013.
Ritesh’s passion for entrepreneurship led him to start Oravel Stays, a budget accommodation portal for booking budget hotels. The company was accepted into the accelerator program by Venture Nursery in September 2012 and was later one of the winners of the 2013 Thiel Fellowship program, receiving a grant of $100,000. OYO Rooms was launched in May 2013, and the company quickly gained attention in the hospitality industry.
In September 2018, OYO raised a massive $1 billion in funding, and Ritesh Agarwal purchased $2 billion in shares in the company, tripling his stake in July 2019. His net worth in 2020 was estimated to be around $1.1 billion (₹7253 crore), making him the youngest self-made billionaire in the world, according to the Hurun Rich List 2020.
Furthermore, Ritesh’s innovative entrepreneurship and business acumen have earned him a place in Forbes 30 under 30 list for Asia. Ritesh Agarwal’s success story is an inspiration to aspiring entrepreneurs worldwide.
Ritesh Agarwal net worth
Ritesh Agarwal, the founder and CEO of OYO Rooms, is one of the youngest and wealthiest entrepreneurs in India. As of 2023, his estimated net worth is around $1.5 billion (approximately Rupees 11,250 Crores), which makes him one of the most successful young businesspeople in the country.
In 2020, Ritesh was recognized as the second-youngest billionaire in the world by the Hurun Global Rich List, with only Facebook founder Mark Zuckerberg ahead of him. However, due to the impact of the COVID-19 pandemic on the hospitality industry, his net worth has decreased, and he is not currently listed as a billionaire in India.
Ritesh Agarwal’s success can be attributed to his groundbreaking work with OYO Rooms. As the founder and CEO, he has transformed the company into one of the world’s largest hotel chains and online marketplaces for rentals. In recognition of his achievements, he has received numerous accolades, including the Business World Young Entrepreneur Award.
Despite his success, Ritesh remains committed to innovation and growth, constantly seeking out new opportunities to expand his business and improve the lives of his customers. With his entrepreneurial spirit and vision, he is sure to continue making a significant impact in the years to come.