Ritesh Agarwal net worth in 2020 was estimated to be $ 1.1 billion, which makes 7253 Crore INR. This whopping amount is not earned overnight, but there is an intelligent brain and deliberate attempts of Ritesh Agarwal. He is the second-youngest billionaire now in 2021. His success has inspired many youngsters in India to go for big accomplishments. His family used to run a small business in Southern Orissa, and he got into the business at a very early age of 13 years. Instead of being a college dropout, Ritesh Agarwal Net Worth is a dream for many young entrepreneurs. To learn more about this success and his OYO journey, read this post until the end.
Who Is Ritesh Agarwal?
A majority of the population knows him as the founder of the OYO Rooms. However, he is much more than that. He is a torch-bearer for those who dream big and work hard to achieve it. Ritesh was not born with a silver spoon in his mouth. He was born in a small town of Odisha state. His family used to manage their bread and butter by running a small shop. He, too, started selling SIM cards at the age of 13 years. However, he went to college but didn’t complete the graduation. He dropped out of college even before the completion of graduation.
Ritesh Agarwal’s Career
The dropping out of the college was followed by his selection in the Thiel Fellowship in 2013. First of all, he started an affordable accommodation facility with the name Ovarel Stays. It was a budget hotel room booking concept that has gained popularity in a short span of time. Venture Nursery accepted it into the accelerator program. After one year, it became the winning idea in the Thiel Fellowship program and received a grant of $100,000. He launched this company as OYO Rooms in May 2013, which is the main source of Ritesh Agarwal net worth.
Journey Of The OYO Rooms So Far
Below is the journey and the major events related to the OYO Rooms from its inception to date:
Ritesh Agarwal is the founder and CEO of the OYO Rooms. He started it in 2013, which is a popular name for offering inexpensive hotel stays. OYO Rooms was rolled out with the same idea of affordable hotel rooms and guest houses. The idea was a hit, and sooner, it started attracting the gigantic firms as its investors. In October 2018, it already had a funding of $ 1 billion. Oyo has turned out to be a big name and offers its services to India and South Asia. Supported by 17000 total employees, it is also rendering its services globally. Ritesh Agarwal net worth is $ 1.1 billion, and he has become one of the most successful entrepreneurs of the world by founding the OYO Rooms.
One of the biggest controversies related to the OYO Rooms is related to its operation in the United States. He promised the owners of the hotels and residences to brand their buildings with the OYO Rooms. In return for this, the owners were promised to get compensation and assured revenue. However, he was not even authorized to operate the franchise business of OYO in California. For providing this misleading information to the people, the firm had to face a fine of $200,000 by the state regulatory authority. Besides, he had to face the warning for running this illegal business franchise without registration. It is a major OYO Rooms controversy.
Another significant controversy related to OYO Rooms is related to the fraud case. In this matter, OYO was allegedly blamed for keeping information hidden from the hotel owners. The Business had to face this allegation from 10,000 hotel owners in India. The actual matter was that OYO hides crucial information from the hotel owners that it will keep half or more than half of the total earnings. For the same reason, several FIRs were filed on OYO for this fraudulent act. It has not only damaged the image of the OYO room but also affected the Ritesh Agarwal net worth to a great extent.
Covid – 19 Effect
When the Covid-19 virus rolled out, and the lockdown situation was implemented, it badly impacted the hotel and hospitality industry. OYO Rooms were not devoid of the detrimental effects of lockdown, and all the hotels remained closed to follow the lockdown instructions. Besides, it has to take care of all the employed workers and look after the other major competencies, such as taking care of the health, sanitization, and various others. A similar situation remained for a long time when the earnings of the hotels remained hindered for the same duration. This detrimental effect of the Covid-19 situation has impacted Ritesh Agarwal net worth badly.
Other Controversies Of Ritesh Agarwal
Every successful person’s story is incomplete without controversies, and Ritesh is no exception. Ritesh and controversies are like peas and carrots. When he co-founded Ovarel, his co-founders and employees claimed that Ritesh is an utter liar and he does not even know the coding. In September 2019 also, he was booked with two of his representatives against a complaint made by a businessman. This complaint were on the grounds of cheating and making a criminal breach of trust. There were several serious allegations on Ritesh; however, he has granted bail for these accusations and engaged in improving his strategies after the covid loses.
Reading this post until the end can help you to know about Ritesh Agarwal net worth, his early life, and his journey to leading the foundation of the OYO Rooms. It is a popular saying that the people who never give up on their dreams one day achieve their dreams. He was also one such person who made it really big and earned a fortune of $ 1.1 billion. However, his journey so far was full of ups and downs, yet he never looked back. If you enjoyed reading this post, just make a visit to our blog section to read the success stories of famous personalities.