Ritesh Agarwal is the founder and CEO of OYO Rooms, one of India’s largest hospitality companies. At just 30 years old, his net worth stands at an estimated $2 billion in 2024, making him the youngest self-made billionaire in India.
The rapid rise of OYO Rooms has made Ritesh Agarwal a prominent name in the startup ecosystem both in India and globally.
With his company now valued at over $9 billion, let’s take a closer look at Ritesh Agarwal’s net worth and the story behind his success.
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Who is Ritesh Agarwal?
Ritesh Agarwal was born on 16th November 1993 in Bissam Cuttack, Odisha to a middle-class Marwari family.
His father ran a small shop in the town of Rayagada in Southern Odisha.
After finishing school in his hometown, Ritesh moved to Kota, Rajasthan for higher secondary education.
At just 13 years old, he started selling SIM cards to make some money on the side.
Upon completing class 12, Ritesh enrolled in a college in Delhi. However, he soon dropped out to fully dedicate his time to building his entrepreneurial dreams.
The Beginnings of OYO Rooms
While studying in Delhi, Ritesh Agarwal stayed in budget accommodations to save money.
He realized that cheap stays suffered from a lack of standardization and he saw an opportunity in organized budget accommodation.
In 2012, while still a teenager, Ritesh started his first venture “Oravel Stays” which allowed users to book budget accommodations online.
The business ran into trouble as hotel partners did not provide standardized services.
Undeterred, in 2013, Ritesh pivoted his business into OYO Rooms. The mission was to standardize budget hotels to provide a high-quality experience to travelers. The same year, Ritesh applied and became the first Indian resident to win the prestigious “Thiel Fellowship” which came with a grant of $100,000. This gave him the capital required to grow OYO Rooms.
OYO’s Extraordinary Growth
Between 2013 – 2018, OYO Rooms saw meteoric growth across India under Ritesh Agarwal’s leadership. The company expanded from just 5 hotels in Gurgaon to over 170,000 rooms in 500 cities by September 2018.
|Launched OYO Rooms with just 5 hotels in Gurgaon
|Expanded to 100+ cities with 7000+ rooms
|OYO Rooms raised $250 million in funding, which propelled its expansion across India
|Raised a $1 billion funding. Grew to 500+ cities and 170,000+ rooms
By September 2018, the 25-year-old OYO rooms Ritesh Agarwal net worth crossed $1 billion making him the youngest self-made billionaire in India. The incredible growth of OYO Rooms brought Ritesh into the limelight.
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OYO Goes Global
Flush with funds, OYO Rooms started expanding globally under Ritesh’s leadership. Some key international launches:
|Launched in Malaysia
|Launched in Nepal
|Launched in China
|Launched in UK
|Launched in UAE
|Launched in Indonesia
In 2019, Ritesh Agarwal bought back shares worth $2 billion to triple his ownership and stake in OYO Rooms. By now, OYO has become the 3rd largest hotel chain globally in terms of room count.
Despite the COVID-19 pandemic, OYO Rooms continued its international expansion in 2020 and 2021 into markets like the Philippines, Brazil, Mexico, and more.
Today, OYO Rooms operates in over 80 countries with 1.2 million rooms under management. Ritesh Agarwal’s net worth continues to grow along with OYO’s global empire.
However, this kick has also affected his net worth. [Read the net worth of Total Gaming also.]
OYO Founder Ritesh Agarwal Net Worth in 2024
According to financial estimates, OYO Ritesh Agarwal net worth in 2024 stands at around $2 billion.
Here is a quick breakdown of Ritesh Agarwal net worth in dollars:
- Ritesh owns about a 30% stake in OYO Rooms through his holding company RA Hospitality Holdings.
- At OYO’s peak valuation of $10 billion in 2019, Ritesh’s stake was worth $3 billion.
- Currently, OYO is valued at around $9 billion. So Ritesh’s ownership is worth approximately $2.7 billion.
- However, Ritesh does not hold 100% of RA Hospitality Holdings. Factoring promoter shareholding, his net worth is estimated at $2 billion in 2024.
The majority of Ritesh Agarwal’s net worth comes from his shareholding and ownership in OYO Rooms. As OYO continues to grow and hit new valuations, his net worth is also expected to keep increasing.
Net Worth of Ritesh Agarwal in Rupees
As per current conversion rates, Ritesh Agarwal net worth in Rupees is approximately ₹15,000 crore (approx $2 billion) in 2024.
At the age of just 30, reaching a net worth of ₹15,000 crore makes Ritesh Agarwal one of the youngest billionaires in India. With his best years still ahead of him, his net worth is likely to grow exponentially in the coming decade.
Recognitions for Ritesh Agarwal
Ritesh Agarwal’s extraordinary achievements at a young age have earned him several recognitions:
- Featured in Forbes 30 Under 30 Asia list in 2017
- Won BusinessWorld Young Entrepreneur Award in 2018
- Received the Economic Times Business Leader of the Year Award in 2018
- Named in India Today’s 50 Most Influential People 2019 list
- Honoured by President Donald Trump on his state visit to India in 2020
Key Takeaways from Ritesh Agarwal’s Journey
There are some key takeaways from Ritesh Agarwal’s incredible journey:
Identify unmet needs: Ritesh identified the lack of standardized budget stays in India as a gap to be filled.
Start early: He started his first venture as a teenager, proving age is not a barrier to entrepreneurship.
Learn quickly: When Oravel Stays struggled at first, Ritesh was quick to change to OYO Rooms. He learned and adapted quickly.
Think long-term: Ritesh has highlighted 2024 as a goal for OYO to become the largest hotel chain. He is building the business for the long haul.
Spot trends: OYO’s growth outside India has matched the demand for budget hotels in emerging economies.
Ritesh Agarwal’s journey shows that with the right vision, drive, and execution, massive success is possible even at a young age. It is sure to inspire the next generation of Indian entrepreneurs.
The Road Ahead
While Ritesh Agarwal has already achieved tremendous success, OYO still has huge room left to grow. Here are some key developments we can expect to see from OYO in the future,
OYO IPO: OYO was aiming to finally launch its hotly-anticipated IPO in the first half of 2023. But, it looks like their public listing may get pushed back a few months. Now it seems the OYO IPO likely won’t happen until the end of 2023 at the earliest.
Profitability: After rapid expansion, OYO will now focus on improving profitability and financial metrics.
New acquisitions: OYO is keen on acquisitions in European vacation rental company Direct Booker for $5.5 million to drive growth in that market.
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Final Thoughts on Ritesh Agarwal Net Worth 2024
Ritesh Agarwal’s remarkable journey shows how an entrepreneurial spirit can create enormous value and wealth even at a young age.
Starting OYO rooms at 19, he built it into a hospitality giant operating in over 80 countries today.
With a net worth already crossing $2 billion, Agarwal’s story is sure to motivate India’s aspiring entrepreneurs.
However, challenges remain for OYO to become profitable and successfully go public.
Yet, given Agarwal’s determined drive and ambition, OYO still has room to grow into one of the world’s top hotel chains in the years ahead.
Ritesh Agarwal’s success proves that vision and perseverance can enable Indian startups to make a global impact.