Ritesh Agarwal is a 25 year old Indian entrepreneur who is the CEO and founder of the hospitality company OYO Rooms.
In this article, you will learn about Ritesh Agarwal income, earnings, salary, early life and other information.
Ritesh Agarwal Life
Ritesh Agarwal was born on 16th November 1993 in Bissam Cuttack in the state of Odisha in India. Agarwal graduated from the St Johns Senior Secondary School and used to sell sim cards from the age of 13. He went to Delhi to attend college where he dropped out at the age of 17 to start a business.
He started Oravel Stays, a website portal for booking budget hotel rooms and accommodation in 2011 when he was just 18, which was taken by Venture Nursery in their accelerator program in September 2012.
The company and Agarwal eventually became the winners of the Thiel Fellowship program in 2013 and was awarded 100 thousand dollars to start a company, after which Agarwal revamped Oravel and launched it as OYO Rooms in May 2013. Agarwal stayed in over 100 bed and breakfast hotels, budget hotels, guest houses for reaches before launching OYO.
Since then, OYO Rooms has become a pioneer in the hospitality market in India. It has now grown to be the third largest room booking portal in the world. OYO Rooms now has over 200 thousand registered accommodations in India and growing everyday. It first expanded to countries like Indonesia and Japan. Now it has expanded to countries in Europe and the USA as well.
OYO Rooms raised 24 million dollars first and then 100 million dollars in 2015. By 2018 the company had raised 1 billion dollars in seed funding which took its valuation to 5 billion dollars.
RITESH AGARWAL INCOME 2020: 2500 CRORES (APPROX)
Ritesh Agarwal Income
Ritesh Agarwal income comes from his shares held in OYO Rooms company. OYO Rooms has many shareholders which include world renowned names name Sequoia Capital, SoftBank Group, which owns a 45% stake in OYO, LightSpeed Venture Partners, Hero Enterprises and DiDi among others.
Ritesh Agarwal net worth was last estimated to be around Rs. 2600 crores in 2018. But in the same year, OYO Rooms received a new round of funding which raised its valuation to 5 billion dollars so his current estimated net worth is not known.
Agarwal has bought shares worth 2 billion dollars from Sequoia Capital and LightSpeed Venture partners with the help of banks and partners through a company registered in the Cayman Islands. This has tripled his stake in OYO Rooms from 10% to 30% which means that there is going to be a significant jump in his net worth as well because of this.
Ritesh Agarwal salary is currently Rs 1.5 crores. He previously used to take a menial salary to only cover his personal expenses but after the Series C funding received by OYO Rooms, his salary was increased to match that of other start up founders in India.
Ritesh Agarwal House and Cars
Details about Ritesh Agarwal house is not known except that he has a family home in Rayagada in Cuttack, Orissa.
Ritesh Agarwal cars info is not publicly known as well but it is likely that he does not own a car since he has posted multiple times on Twitter to Uber and Ola about problems with their rides so it is assumed that he avails cabs.
We will update this article with more information as soon as we get to know anything about it.
Ritesh Agarwal is one of the most exciting entrepreneurs in India at present. His perseverance with OYO Rooms and how he has expanded it shows his capabilities as a leader. Under his leadership, OYO Rooms went from an Indian to a global brand and became the 3rd largest room booking company in the world.
Under Agarwal, OYO Rooms has not only grown but also made some terrific investments although he has been marred with controversies. OYO has made multiple acquisitions in 2018 and 2019. It acquired Chennai based Novascotia Boutique Homes and in May 2019 it acquired Amsterdam based Leisure Group, a vacation rental business. It also acquired Innov8, a workplace sharing place provider.
OYO has also launched OYO Home and OYO Townhouses, two millennial themed accommodation facilities that also operate as a workplace. It has also started a coffee chain, The French Press, for servicing to its OYO Hotels in some cities. Ritesh Agarwal income has been benefited greatly from these moves.
Ritesh Agarwal has been awarded many accolades. He is included in Forbes 30 under 30 list for the last 3 years. He has won the Business World Young Entrepreneur award as well. He regularly makes appearances in institutes and entrepreneurial conferences to give speeches. Agarwal is also a board member of the Confederation of Indian Industries.
Ritesh Agarwal can only become more successful with his hard work and we wish him luck for that.