Entrepreneurs play a significant role in boosting a country’s economy, and one such standout figure is Ritesh Agarwal. If you’ve ever heard of OYO, the renowned hotel chain, then you’ve indirectly encountered the brain behind it. Let’s delve into the remarkable story of Ritesh Agarwal, the second-youngest billionaire in the world and a truly inspirational business leader.
Who is Ritesh Agarwal?
Ritesh Agarwal hails from Bissam Cuttack, Odisha, India, born on November 16, 1993, into a Marwari family. He spent his early years in Titilagarh. In 2012, he embarked on his journey by launching Oravel Stays, a website designed to help people find affordable hotel accommodations. This startup quickly gained recognition, earning a spot in Venture Nursery’s accelerator program and winning the Thiel grant program in 2013.
Ritesh Agarwal’s Net Worth:
Ritesh Agarwal’s remarkable rise in the hotel industry is a testament to his unwavering dedication and entrepreneurial spirit. At present, his net worth stands at a whopping $2 billion, equivalent to Rs. 16,462 crores. The majority of his wealth can be attributed to his successful venture, OYO Rooms. In 2021, he made history by becoming the youngest Indian entrepreneur ever to be featured on Forbes’ Billionaire list.
Ritesh Agarwal’s Income and Salary Details:
In the financial year 2022, Ritesh Agarwal’s income witnessed a substantial increase, rising from Rs. 1.6 crores in FY21 to Rs. 5.6 crores in FY22, marking a remarkable 250 percent increase. His FY20 income was notable at Rs. 21.5 lakhs. Apart from his primary startup, Agarwal has invested in various sectors, including hotels, real estate, education, and holds shares in numerous venture capital and private equity funds, contributing significantly to his overall wealth. He earns 10 crores a month and a staggering 100 crores annually.
Ritesh Agarwal’s Impressive Car Collection:
Ritesh Agarwal’s penchant for luxury is evident in his car collection, which includes:
- Mercedes Benz S 350D valued at Rs. 1.4 crores.
- Audi A4, priced at Rs. 45 lakhs.
- Range Rover Sports, with a price tag of Rs. 1 crore.
- Mercedes Benz E200, worth Rs. 64 lakhs.
- Toyota Fortuner valued at Rs. 36 lakhs.
Notably, Agarwal also owns a private jet, estimated to be worth a staggering $20 million, adding to his collection of extravagances.
OYO’s Impressive Net Worth:
OYO, the company founded by Ritesh Agarwal, currently boasts a net worth of over $10 billion, positioning itself as one of India’s most valuable startups. Over the years, OYO has secured over $2 billion in venture capital funding from renowned names like SoftBank, Sequoia Capital, and Greenoaks Capital. Additionally, other notable venture capital firms such as Lightspeed Venture Partners, Hero Enterprise, and China Lodging Group have also invested in OYO.
Ritesh Agarwal’s Career Journey:
Ritesh Agarwal initiated his entrepreneurial journey with Oravel Stays, an online hotel booking service aimed at budget-conscious travelers. The company’s success was undeniable, as it gained acceptance into Venture Nursery’s growth program in September 2012 and received a significant grant of $100,000 from the 2013 Thiel Fellowship program. In May 2013, the company transitioned into OYO Rooms.
By September 2018, OYO had successfully raised a remarkable $1 billion in funding. In July 2019, reports suggested that Agarwal tripled his stake in the company by purchasing shares worth $2 billion.
Ritesh Agarwal, the second-youngest billionaire globally, kick-started his journey with OYO Rooms in 2012, transforming it into one of India’s largest hotel chains with 2,200 hotels and employment opportunities for 1,500 people. With a net worth of $2 billion and investments spanning multiple industries, including hotels, real estate, and education, Agarwal’s success is truly inspirational. OYO Rooms’ incredible value of over $10 billion and substantial venture capital backing from prominent firms make it a prominent player in the startup landscape. Ritesh Agarwal’s journey continues to inspire, as he remains one of the youngest self-made billionaires worldwide.