Numerous surveys have revealed that the success threshold is 30 years old. Or you achieve success by age 30. age is only a number; it doesn’t indicate a person’s potential or abilities. The Ritesh Agarwal narrative has altered the cultural landscape. He has a net worth of 3500 crores and is 25 years old. What he has done must be on your mind. Or who is this man with such a vast fortune?
Have you heard of OYO rooms? Explain their meaning. It implies “by yourself.” and “the OYO symbol represents Lord Jagannath’s” eye. Mr. Ritesh Agarwal began his career in the hospitality industry at the age of 19.
He has aspired to do something unusual ever since he was a young child. He desired to start his own business and have an impact on others. He also prepared for the IIT, but after some time, he decided he did not want to study engineering.
He even enrolled on the campus of the University of London in India. But only after enrolling for three days, since it wasn’t his cup of tea. He never returned to the institution after quitting, instead concentrating on launching his hospitality business.
He saw that Indian budget hotels didn’t even meet the most basic requirements of a traveler on a tight budget throughout his days of travel and hotel stays. He is quite interested in this chance. Opportunities, he added, are all around us; all you need to do is grasp them. He understood that the hotel industry has great potential for commercial growth. Then he founded Oracle in 2012, claiming that this firm was his brilliant concept and that it also secured finance of 30 lakh rupees. Additionally, he received $100,000 from the Thiel Fellowship, a Peter Thiel-sponsored competition for young people, this startup had a lot of issues, and they could not choose sustainable transactions. But he persisted and made an effort to move forward.
He realized things and examined what guests wanted from hotels, including whether the washroom was clean, there was a free breakfast, and the beds were comfy. So, in 2013, Ritesh relaunched his company strategy, and the OYO rooms were born. OYO rooms’ goal was to provide excellent living quarters for the average person and inexpensive pricing in India.
The business received Rs. 4 crores from light-speed ventures in 2014. The business was at its height, but some contend that success cannot be achieved without experiencing failure. He was the subject of numerous accusations, with many claiming that he did not write his book. A legal battle against the corporation over data theft began in 2015 as well. In just 18 months, OYO rose to the second-largest hotel chain in China. There are approximately 10,000 OYO-branded hotels and 450,000 rooms, and it operates in 320 cities. OYO has grown to its full potential, but more is to come.
By Abhimanyu
PGSM (22-24)
Jaipuria Talks Blog 