Ritesh Agarwal is an Indian billionaire entrepreneur and the founder and CEO of OYO Rooms. He has been a panellist on Shark Tank India in 2024. Agarwal listed among Top 10 youngest Indian billionaires in Hurun Rich List of India 2024.
Personal life
Ritesh Agarwal was born in a Marwari family in Bissam Cuttack, Orissa, India and was brought up in Titilagarh. His family operated a small shop in Rayagada, Odisha. He completed his schooling at Sacred Heart School, and later at St. John’s Senior Secondary School, before moving to Delhi in 2011 for college.
Agarwal married Geetansha Sood, a native of Lucknow, on 7 March 2023.
Career
In 2011, Agarwal founded an Airbnb equivalent called “Oravel Stays”. Agarwal’s enterprise was accelerated through the Venture Nursery program in 2012, and was later one of the winners of the 2013 Thiel Fellowship, receiving a US$100,000 grant. The company launched as OYO Rooms in May 2013.
By September 2018, the company had raised US$1 billion. In July 2019, it was reported that Agarwal purchased US$2 billion in shares, tripling his stake in the company.
He was featured on the Forbes 30 Under 30 list for Asia.
In 2023, Agarwal became the youngest Shark to appear on Shark Tank India.
In May 2024, OYO reported its first-ever profit after tax (PAT) of ₹229 crore for the financial year 2023-24, according to the company’s annual report. This comes on the back of eight consecutive quarters of positive Adjusted EBITDA, the company stated. OYO’s Adjusted EBITDA grew by 215% to reach ₹877 crore in FY24, up from ₹277 crore in FY23.
In 2024, Ritesh Agarwal continued to lead OYO Rooms as it built on its success from the previous year. The company focused on expanding its presence in key international markets, particularly in the Nordic countries, Southeast Asia, the United States, and the United Kingdom, where it had seen strong growth. Agarwal also made headlines for his prediction that spiritual tourism would become a significant driver of India’s tourism industry over the next five years. His insights were supported by data showing a 70% surge in bookings for holy destinations like Ayodhya on New Year’s Eve, surpassing popular tourist spots such as Goa and Nainital.