Ritesh Agarwal
Founder and CEO, OYO Hotels & HomesBirth DetailsNovember 16, 1993 | Bisamkatak, Orissa
NationalityIndian
LeagueEntrepreneur
EducationCollege dropout
Net Worth$1.1 billion (Hurun Rich List 2020)
Ritesh Agarwal's Assets:
Ritesh Agarwal's Journey so far...
Before you go ...
- Oyo Hotels
Ritesh Agarwal's Journey so far...
- Born in Bissamcuttack, a hotbed for Naxals, in Southeast Odisha, Ritesh Agarwal grew up in the small town of Rayagada. After completing his schooling, he went to a Delhi college but dropped out
- Agarwal started an online short-stay accommodation listing venture, Oravel, at a young age. It was later incubated by Mumbai-based startup accelerator Venture Nursery
- As he was a college dropout, Agarwal qualified for the Thiel Fellowship, which gives $100,000 to entrepreneurs below 20 years who skipped college and started their own business. The fellowship is set up by early Facebook investor and PayPal co-founder Peter Thiel
- Based on the model of US-headquartered Airbnb, Ritesh Agarwal founded OYO Hotels and Homes in 2013 and currently is one of the world's leading chain of hotels. By the age of 22, he became a millionaire
- Under his leadership, the Gurugram-headquartered OYO expanded rapidly from India to Malaysia and the USA, and is today present in 80 countries and in over 800 cities. In one of his biggest bets in 2017, Agarwal launched OYO in China
- He raised a series of funds from firms like SoftBank, Hero Enterprise, China Lodging Group, ride-hailing companies Grab and Didi Chuxing. In July 2019, Agarwal undertook a $1.5 billion stock buyback, along with pumping in an additional $500 million into OYO valuing the startup at $10 billion
- From a small-town boy who used to sell SIM cards in Odisha, Ritesh Agarwal became one of the world's youngest self-made billionaires. He featured in the Hurun Rich List 2020 with a net worth of $1.1 billion.
Before you go ...
- Ritesh Agarwal named his startup OYO - 'On Your Own', so that one is in control of his own. He gave this name as he did not get control of the television remote to watch his favourite programs with his cousins
- Agarwal draws inspiration from another college dropout Bill Gates and Ola co-founder Bhavish Agarwal
- Right from an early age, he was keen on writing. He also had a knack for computer programming and started taking coding lessons from the age of 10
- Known to have a sweet tooth, in an interview to ET he said, “I love gorging on chhena poda (roasted sweet cheese)."
- In one of his hotels, he once earned a Rs 50 tip after a family was impressed by his babysitting skills.
Last Updated: 12/02/2021
Ritesh Agarwal News
- Amrit Jiwan elected as new MAIT presidentThe Manufacturer's Association of Information Technology (MAIT) appointed Amrit Jiwan as president and aims to encourage domestic IT hardware manufacturing. They align with the New National Policy on Electronics and prioritize tax structuring stability for business growth under Jiwan's leadership.
- IIM Ahmedabad students beg professor for 2-day extension to watch T20 WC match, email goes viralThe Post Graduate Programme in Management at IIM-Ahmedabad is widely recognized as the most demanding MBA program worldwide. Despite the rigorous academic requirements imposed on its students, they are able to find moments of relaxation and enjoyment, as emphasized in the email.
- Sattva Group targets 85 pc growth in housing sales to Rs 6,500 cr this fiscal: MD Bijay AgarwalRealty firm Sattva Group is bullish on India's housing market and will launch many projects to achieve 85 per cent growth in sales of residential properties to around Rs 6,500 crore this fiscal, a top company official said. In the 2023-24, Bengaluru-based Sattva Group achieved sales bookings of Rs 3,500 crore.
- Ravi Agarwal appointed CBDT chairman effective July 1Ravi Agarwal has been serving as a member, CBDT (Administration) since, July 2023. According to the order issued by the Appointments Committee of the Cabinet on Saturday Ravi Agrawal, will be chairman of the CBDT, effective, July 1 up to the date of his superannuation on September 30.
- Court approves billionaire Agarwal’s plan to reclaim Zambia mineA court in Zambia sanctioned a plan for Vedanta Resources Ltd. to regain control of the Konkola copper project by settling debts owed to creditors. The company needs to release $250 million to settle debts and has committed to investing $1 billion for expansion projects.
- Dhiraj Agarwal on the next big trigger for equity marketsAt least for a couple of months, China pulled in a large amount of inflows by the global investors. I have not seen the most recent data, but Feb-March they pulled in about $40 million. Something like that happens, it obviously impacts the amount of flow, which could happen in India. So, on the FPI flow, it is just a toss-up. I mean, it is very difficult to predict, honestly.
- Golden Crossovers: Rossell India among 6 stocks signaling further bullishnessThese stocks' 50-day simple moving averages (SMA) crossed their 200-day SMAs on June 26.
- Vedanta Resources sells 2.63% stake in Indian arm, raises Rs 4,184 croreVedanta Group, in a statement, said that Finsider International Company, a subsidiary of Vedanta Resources, accepted a proposal from one of its banks Tuesday evening to sell 2.6% shares holding in Vedanta Ltd to a group of reputed institutional investors.
- Anil Agarwal likely pares Vedanta stake in large block deal, shares drop 6%The promoters of Vedanta have reportedly sold 17.1 crore shares of the company and the transaction value is estimated to be around Rs 7,000-8,0000 crore. The official buyers and sellers of the transaction are not yet known.
- Promoter may sell 2.5% in Vedanta via block deals this weekAgarwal has been seeking to slash the group's debt burden. London-listed Vedanta Resources reduced its net debt to $6 billion in FY24 from $9.7 billion in FY22. The company aims to cut it to $3 billion over the next three years. Vedanta Resources has long-term debt maturities of $900 million in FY25 and another $900 million in FY26.
- Sattva Group to invest Rs 12,000-14,000 crore in diversification over next three years“The funding for the initiative will be structured with a combination of equity, debt and sales. Approximately 20% of the funding will be in equity, while the remainder will be sourced from debt and sales proceeds,” he told ET. “Our approach to debt is highly prudent and disciplined. The company's primary focus lies on commercial and residential projects, which form the bulk of our portfolio.”
- F&O addiction: CA discovers BTech student lost Rs 46 lakh in trading, shares another shocking factIn light of the escalating retail trading activity, regulatory bodies like Sebi and the RBI have formed an early warning group to monitor the situation closely, emphasizing the need for caution in F&O trading. In a recent post on social media, a CA said that he found that a BTech student had lost Rs 46 lakh in 2 years in F&O trading.
- HDFC ERGO General Insurance elevates Anuj Tyagi as MD and CEOHDFC ERGO General Insurance promoted Anuj Tyagi as the new managing director and chief executive, succeeding Ritesh Kumar effective July 1. Tyagi, with the company since 2008, previously served as joint managing director. Kumar will transition to ERGO International's board and become the deputy COO focusing on Asian growth markets. The appointment is pending approvals.
- Vedanta mulls 1st dollar bond sale of $500 millionThe bond sale could climb to $1 billion depending on the response from investors, according to one of the people. The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said.
- F&O Talk| Market undertone positive, expect action in select banking, BFSI stocks: Sahaj Agarwal of Kotak SecuritiesNifty and Sensex are on an upward trend post Lok Sabha election results. Nifty found support near 23,400 while Sensex faced resistance at 77,850. Analysts remain positive despite weekly red closes.
- Anil Agarwal likely to sell a 2.5% stake in VedantaVedanta Resources, which holds a majority stake in Vedanta, is reportedly considering selling a 4-5% stake in the company. The deal could be facilitated by an international bank and is expected to capitalise on the recent surge in Vedanta's share price.
- Vedanta turns a money-spinner for investors. What's pushing it on?Shares of Anil Agarwal-owned Vedanta Group, including Vedanta Ltd and Hindustan Zinc Ltd, have surged by Rs 2.2 lakh crore, doubling from their 52-week lows. Vedanta's growth exceeds other top Indian businesses like Reliance and Tata Groups. Brokerages have raised price targets on Vedanta, citing operational efficiencies and demerger prospects. Vedanta plans to invest $20 billion in India, focusing on technology and electronics. Agarwal aims to monetize the steel business to cut debt.
- How will Indian IT companies perform going ahead? Sandip Agarwal answersI think we are maybe one or two quarter away from it flowing down to even outsourcing. But because markets are forward looking, you can see a big run up even in the Indian IT services much before the actual numbers come.
- New bubble? Why are smallcaps and PSU stocks rebounding strongly from June 4 lows? Ashwini Agarwal answersAshwini Agarwal says he cannot get himself to agree that the PSU valuations have become quite eye-popping and has room for further upside. But bubbles have their own mind and bubbles can get a lot bigger before they burst. So, there may be a lot of upside.
- Parent of India's Vedanta proposes to cut debt by $3 billion over next three yearsVedanta Resources, the UK-based parent company of Indian miner Vedanta Ltd, plans to cut its debt by $3 billion over the next three years. The company, which has been facing multiple rating downgrades due to liquidity issues and high default risk, will use the newfound liquidity from its $3.20 billion outstanding bonds to fund crucial capex projects.
- Paytm appoints Rajeev Agarwal to board; Neeraj Arora resignsPaytm has appointed former Sebi whole time member Rajeev Krishnamuralilal Agarwal to the board as non-executive independent director as Neeraj Arora had resigned citing "personal commitments".
- Father's Day: Vedanta's Anil Agarwal shares his Bauji's priceless advise that kept him motivatedFather's Day: Anil Agarwal, founder of Vedanta Group, shared a touching Father's Day tribute, recalling a pivotal conversation with his father during his early struggles in Mumbai. Reflecting on his father's advice about resilience and communication, Agarwal emphasized the enduring impact of parental wisdom. His post garnered nearly 3,000 likes, with followers praising his heartfelt message on family and perseverance.
- Silicon Valley’s South Park Commons launches Bengaluru outpost in collaboration with Binny BansalSilicon Valley-based early-stage venture fund South Park Commons made its India entry with an outpost in Bengaluru. This is its first international location outside of the US. The fund was launched in 2016 as a collective of engineers, founders and researchers by husband-wife duo of Ruchi Sanghvi and Aditya Agarwal.
- These 3 stocks showing RSI Trending Up on June 12Stockedge.com's data showed that on June 12th, three stocks from the large-cap pack were detected by the RSI Trending Up scan. This scan indicates an uptrend when the RSI value crosses above 50 from below.
- Pune car crash: Juvenile's parents, another accused to stay in police custody till June 14A Pune court extended the police custody of the parents of a 17-year-old boy involved in a fatal car accident. The accident in Kalyani Nagar led to the death of two IT professionals.
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