RITESH AGARWAL

Ritesh Agarwal, born on November 16, 1993, is an Indian entrepreneur known as the founder and CEO of OYO Rooms, a hospitality service provider. He has garnered attention for his success in building OYO into a prominent global brand in the hospitality industry. Agarwal's innovative approach to the hotel business has earned him recognition both in India and internationally. He rose to prominence as a participant on Shark Tank India (season 3) starting in 2024. Agarwal's wealth is estimated to be around ₹16,000 crore as of March 2024.

Personal Life

Ritesh Agarwal, hailing from a Marwari family, spent his formative years in Titilagarh, Odisha, India. He attended Sacred Heart School and later St. Johns Senior Secondary School before pursuing higher education in Delhi from 2011 onwards. Agarwal married Geetansha Sood, a native of Lucknow, on March 7, 2023.

Career

Agarwal's entrepreneurial journey began in 2011 with the inception of "Oravel Stays," similar to an early iteration of Airbnb. Following his involvement in the Venture Nursery accelerator program in 2012 and winning the 2013 Thiel Fellowship, Agarwal transformed his venture into OYO Rooms in May 2013. The company witnessed rapid growth, securing $1 billion in funding by September 2018. Agarwal further solidified his position by investing $2 billion in company shares in July 2019. He has also been recognized in the Forbes 30 under 30 list for Asia.

Controversies

  • Allegations of cheating by Oyo's co-founder: Agarwal faced accusations of misconduct involving Oyo's co-founder, Manish Sinha, during the company's early stages.

  • Fine in the United States: OYO incurred regulatory penalties and a cease-and-desist order in the United States for operating franchises without proper authorization in California.

  • Allegations of fraud: Agarwal has been involved in legal disputes, including charges of fraud and conspiracy filed against him in Dera Bassi. OYO has also faced criticism from Indian hotel owners over undisclosed fees and revenue-sharing practices.

Television Series

  • Shark Tank India: Agarwal's participation in Shark Tank India has significantly elevated his public profile