Ritesh Agarwal
Ritesh Agarwal | |
|---|---|
| Born | November 16, 1993 Bissam Cuttack, Orissa, India |
| Occupation | Businessman |
| Known for | Founder and CEO of OYO Rooms; investor on Shark Tank India |
Ritesh Agarwal (born 16 November 1993) is an Indian billionaire businessman and the founder and CEO of OYO Rooms, a leading name in the hospitality industry. In 2024, he appeared as a panellist on Shark Tank India (season 3). According to the Hurun Rich List India 2024, Agarwal ranks among the Top 10 youngest Indian billionaires, with his net worth estimated at $225 million (₹1,900 crore).
Personal life
Born into a Marwari family in Bissam Cuttack, Orissa, Ritesh Agarwal grew up in Titilagarh. His family ran a small retail business in Rayagada, Odisha. He attended Sacred Heart School and St. John's Senior Secondary School before relocating to Delhi in 2011 for higher education.
On 7 March 2023, Agarwal married Geetansha Sood, who hails from Lucknow.
Career
In 2011, Agarwal launched "Oravel Stays," a platform similar to Airbnb, which gained momentum through the Venture Nursery accelerator program in 2012. He was awarded the 2013 Thiel Fellowship, receiving $100,000. The venture was rebranded as OYO Rooms in May 2013.
By September 2018, OYO had secured $1 billion in funding. In July 2019, Agarwal acquired shares worth $2 billion, tripling his ownership stake and valuing OYO at $10 billion. He was also included in the Forbes 30 Under 30 Asia list.
Agarwal became the youngest investor on Shark Tank India in 2023.
In 2024, he spearheaded OYO's growth into significant global markets such as the Nordics, Southeast Asia, the United States, and the United Kingdom. He emphasized spiritual tourism as a key factor driving India's tourism growth, noting a 70% increase in bookings for places like Ayodhya, which outpaced traditional destinations including Goa and Nainital.
OYO announced its first-ever profit after tax (PAT) of ₹229 crore for FY23-24 in May 2024, following eight straight quarters of positive adjusted EBITDA. The company’s adjusted EBITDA surged by 215% to ₹877 crore in FY24 from ₹277 crore in FY23.
Accusations of deception by OYO's co-founder
Manish Sinha, co-founder of OYO, accused Ritesh Agarwal of fraudulent practices during the early phase of the company’s development. These allegations were categorically denied by OYO’s management.
Television
Agarwal participates as an investor and judge on the entrepreneurial reality series Shark Tank India.