Ritesh Agarwal Net Worth – An Estimate of the Fortune of the Youngest India Billionaire and the Founder of OYO Rooms in 2023

Ritesh Agarwal is the founder as well as the CEO of the OYO Rooms. It is the largest hospitality company in India.

He is just a 29-year-old.

This young guy has already reached the milestone of having a net worth of $2 billion in the year 2023, which makes him the youngest self-made billionaire in India.

Now, the incredible journey of OYO Rooms, led by Ritesh Agarwal, has made him one of the most familiar faces in Indian and global startup world.

As his company’s value is over $9 billion, let’s take a closer look at Ritesh Agarwal net worth and how he has managed to get this high status.

ritesh agarwal net worth

Who is Ritesh Agarwal?

Ritesh Agarwal was born on November 16th, 1993 in the town of 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 Agarwal moved to Kota, Rajasthan for his higher secondary education.

He started selling SIM cards to make some money on the side at just 13 years old.

Upton completing class 12, Ritesh enrolled in a college in Delhi.

But soon he dropped out to dedicate his time fully to building his entrepreneurial dreams.

The Beginnings of OYO Rooms

oyo hotel rooms

Rithesh Agarwal stayed in budget accommodations while studying at a college in Delhi to save money.

At that time, 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, Rithesh started his first venture called “Oravel Stays”. This Oravel Stays allows users to book budget accommodations online.

Unfortunately, this business ran into trouble as hotel partners did not provide standardized services.

So, in 2013, Ritesh pivoted his business into OYO Rooms. The mission of OYO Rooms was to standardize budget hotels to provide a high-quality experience to travelers.

The same year (2013), Ritesh applied and became the first Indian resident to win the prestigious “Thiel Fellowship” which came with a grand prize of $100,000. 

This prize money gave him the capital required to grow his own business of OYO Rooms.

Extraordinary Growth of OYO Rooms

oyo bookings

OYO Rooms saw meteoric growth across India under the leadership of Ritesh Agarwal between the years of 2013 to 2018.

The Company Expanded from just 5 hotels in Gurgaon to over 170,000 rooms in 500 cities by September 2018.

Key Milestones of OYO Rooms

YearAchievements
2013Launched OYO Rooms with just 5 hotels in Gurgaon
2015It was expanded to 100+ cities with 7000+ rooms
2017OYO Rooms raised $250 million in funding, which propelled its expansion across India
2018OYO Rooms raised $1 billion in funding. Grew to 500+ cities and 170,000+ rooms

The 25-year-old OYO rooms Ritesh Agarwal net worth crossed $1 billion by September 2018.

This huge net worth makes him one of the youngest self-made billionaires in India.

And, the incredible growth of OYO Rooms brought Rithesh into the limelight.

Also, check the net worth of Ghazal AlaghAmit Bhadana, and CarryMinati

OYO Goes Global

OYO Rooms started expanding globally under the leadership of Ritesh.

Let’s discuss some of the key international launches here,

YearCountry
Jan 2016Launched in Malaysia
Aug 2017Launched in Nepal
Nov 2017Launched in China
Sept 2018Launched in UK
Oct 2018Launched in UAE
Oct 2018Launched in Indonesia

In the year 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 expansions 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 net worth continues to grow along with the global empire of OYO Rooms.

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

OYO Ritesh Agarwal net worth in 2024 stands at around $2 billion according to financial estimates.

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, the stake of Ritesh was worth $3 billion.
  • Currently, OYO is valued at around $9 billion. So, Rithesh 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 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 in the upcoming years.

Net Worth of Ritesh Agarwal in Rupees

As per the current conversion rates, Ritesh Agarwal net worth in rupees is approximately Rs 15,000 crore (approx $2 billion) in 2023.

At the age of just 29, reaching a net worth of Rs 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:

Key Takeaways from Ritesh Agarwal’s Journey

There are some key takeaways from Ritesh Agarwal’s incredible journey:

ritesh-agarwal-podcast


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. 

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 Rooms 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

The journey of Ritesh Agarwal shows how an entrepreneurial spirit can create enormous value and wealth even at a young age.

Starting OYO Rooms at just 19, he built it into a hospitality giant operating in over 80 countries today.

The story of Ritesh Agarwal is sure to motivate aspiring entrepreneurs in India with a net worth already crossing $2 billion.

But challenges remain for OYO to become profitable and successfully go public.

The success of Ritesh Agarwal proves that vision and perseverance can enable startups in India to make a global impact.


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Anil Agarwal

Anil Agarwal is the guy behind this blog who also owns BloggersPassion.com and HostingMonks.com. He has also been featured/mentioned on Forbes, ProBlogger, NeilPatel.com, Huffingtonpost.com, and SEMrush. MakeBlogging.com is your one-stop destination to start a money-making blog from scratch.

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