During the teen age, most youngsters doesn’t take life seriously. Their minds will not be ready to understand the value of money and the importance of education. Majority start thinking, it is an age to start clubbing, play around and do drugs. But we can have sigh of relief that it not everyone that waste the time on unnecessary things.
Ritesh Agarwal a youngster, currently having a turnover over 360 crore Indian rupees has an amazing success story. He is currently the owner of the fastest growing chain of hotels in India. Anyone heard of OYO? Yeah, it is owned by Ritesh Agarwal, a 24-year-old. I am emphasising on his age more, because it is important to most of the youngsters to know how time is crucial and if they start a project early, maybe before they hit 30, they made there first million.
Ritesh coming from a business class family in Orissa, he always had the urge and the motivation to become an entrepreneur. He has always been very fond in learning and was more interested in programming and coding. He spent may hours learning software, before he decided he wanted programming to be his path of career. In 10th grade he decided to code for a living.
He enrolled in KOTA and Bansal classes to for IIT preparation. During this time, he writes a book based on his engineering research in colleges called “Indian engineering colleges: encyclopedia of top 100 colleges” It was a best seller on Flip Kart. Eventually he decided he wanted to be an Entrepreneur.
In between all the book writing and programming he travelled a lot during his leisure and stayed in many PGs, Hotels, Guest houses..etc. He realised that a budget hotel in the country never met the basic needs. So he started his first Venture Oravel Stay in 2012.
Oravel provided bed and breakfast facility to guest travellers which gained him the attention of Venture Nursery, an organisation that that helped nurturing of other start ups. Ritesh with no conflicts in his financial stability, he presented his concept to Thiel Fellowship – an International contest for students.
He gained massive attention that he was was able to gain $100,000 and guidance from paypal co- founder and Facebook investor Peter Thiel. This made his passion to become an entrepreneur more violent to accomplish which lead him to slow his business down trying to replicate AirnB.
Facing Failure with Oravel, he learned that failure meant the first attempt at Learning. His passion and determination to stand up with a new concept wasn’t a hard one. Giving a hard thought to where he went wrong and working with determination for 16 hours a day, he realised that many travellers faced unaffordable, inefficient and malpractice hotels. He used his experience during his travelling days to identify, what unsatisfied him during his stays. This gave him access to build an online portal that could provide details of good places in one vessel. He recreated the brand from Oravel to Oyo rooms and launched his new concept.
Oyo Rooms was only created to meet basic needs of people and make them live up to there standards. This concept allowed each hotel to sign an agreement with OYO Rooms to meet their basic standards which grew OYO Rooms turnover to rise to 1 crore Indian rupees. With a high turnover, Ritesh was more manipulated to bring in more business and created an app for his company and launched in 2015 helping him to build a network of 1000 rooms in 25 cities.
Now with increasing business and a being a brand in the market, he lives a luxurious life inspiring the youth by promoting, lecturing and handling seminars in top notch colleges to motivate students.