How OYO’s founder built a global hotel chain despite failures, criticism, and market turbulence.
At just 30, Ritesh Agarwal has redefined what it means to be a young Indian entrepreneur. From a small town in Odisha to leading one of the world’s largest hospitality networks, his journey is a mix of bold risks, setbacks, and relentless ambition.
Early Beginnings
Born in 1993 in Bissam Cuttack, Odisha, Ritesh belonged to a modest business family. Unlike his peers, he wasn’t chasing engineering or medicine but was fascinated by technology, business, and startups. At 16, he sold SIM cards in his hometown to earn pocket money, and by 17, he had moved to Delhi, determined to pursue entrepreneurship.
Ritesh enrolled in college but soon realised formal education was slowing his progress. In 2012, he founded Oravel Stays, a budget accommodation aggregator, identifying a glaring gap: India had countless small hotels but no consistent quality standards. A year later, he pivoted to launch OYO Rooms (On Your Own Rooms), standardising budget hotels and creating a reliable experience for travellers.
Breakthrough Moment
Ritesh became the first Asian recipient of the Thiel Fellowship, earning $100,000 to pursue his venture. With strategic backing from investors like SoftBank, Sequoia, and Lightspeed, OYO scaled aggressively. By implementing technology for pricing, bookings, and quality control, OYO transformed fragmented hotels into a recognisable global brand.
By 2018, OYO was India’s largest hotel chain and had expanded to 80+ countries, 43,000+ hotels, and millions of rooms worldwide, including China, Europe, and the US.
Challenges and Setbacks
Rapid growth brought scrutiny. OYO faced criticism from hotel partners over revenue sharing, operational inconsistencies, and management style. The COVID-19 pandemic in 2020 dealt a severe blow, forcing layoffs, hotel closures, and strategic rethinking. Many questioned if OYO could survive its ambitious global expansion.
The Turnaround
Ritesh doubled down on technology, strengthened hotel partnerships, and shifted focus to profitability. His persistence paid off, and by 2022–23, OYO had narrowed losses and prepared for an IPO. Ritesh became India’s youngest self-made billionaire, cementing his place as one of the most influential startup founders in the country.
Final Take
From selling SIM cards in Odisha to building a global hospitality empire, Ritesh Agarwal’s journey proves that success is never linear. Vision, resilience, and the courage to pivot define the path from idea to empire, inspiring entrepreneurs across India and beyond.
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