Ritesh Agarwal, the visionary founder of OYO Rooms, has redefined the landscape of budget hospitality in India. Starting his entrepreneurial journey with Oravel Stays in 2012, Agarwal’s innovative approach led to the transformation of the venture into OYO Rooms by 2013. His commitment to providing standardized and affordable accommodations resonated with travelers, propelling OYO’s rapid growth across the country.
Agarwal’s entrepreneurial prowess caught the attention of prominent venture capitalists. Notably, in 2013, he became the first Indian recipient of the Thiel Fellowship, securing a $100,000 grant to pursue his startup ambitions. Subsequent funding rounds saw investments from industry giants like SoftBank, Sequoia Capital, and Lightspeed Venture Partners, fueling OYO’s expansion both domestically and internationally.
Demonstrating unwavering confidence in his venture, Agarwal made significant personal investments into OYO. In 2019, through RA Hospitality Holdings, he undertook a $2 billion share buyback from early investors, increasing his stake in the company. Further solidifying his commitment, in 2024, his Singapore-based entity, Patient Capital, invested Rs 830 crore in OYO’s latest funding round.
Under Agarwal’s leadership, OYO achieved a significant milestone by reporting its first-ever profit after tax of Rs 229 crore for the financial year 2023-24. This achievement underscores the company’s resilience and adaptability in the competitive hospitality sector.
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