Most startup success stories don’t begin in boardrooms, they begin with curiosity.
Ritesh Agarwal’s journey is a perfect example of that.
Early Life
Ritesh Agarwal was born on 16 November 1993 in Bissam Cuttack, Odisha. He comes from a Marwari business family. His family later moved to Rayagada, Odisha. From a young age, Ritesh showed interest in business and entrepreneurship rather than traditional career paths. His early exposure to family business conversations influenced his mindset toward commerce and problem-solving.
Education
Ritesh moved to Delhi for his schooling and later enrolled at the Indian School of Business and Finance. However, he dropped out of college because he wanted to pursue entrepreneurship full-time. This decision was not based on inspiration or motivation, but on his belief that practical learning through building something real would be more valuable for him.
First Startup: Oravel Stays
In 2012, Ritesh launched Oravel Stays, a website that listed affordable hotels and guest houses. The model was similar to accommodation listing platforms. Oravel received limited traction and did not scale successfully. The failure made Ritesh realize that listing hotels alone did not solve the core problem faced by travelers.
Founding of OYO
In 2013, Oravel was rebranded into OYO, which stood for “On Your Own.” Unlike Oravel, OYO focused on standardizing hotel rooms rather than just listing them. OYO partnered with small hotel owners, set minimum quality standards, provided branding, and used technology for pricing and booking management. This approach helped solve trust and consistency issues in budget hotels.
Thiel Fellowship
In 2013, Ritesh Agarwal was selected for the Thiel Fellowship, a program started by Peter Thiel that supports young entrepreneurs under the age of 23. As part of the fellowship, Ritesh received $100,000 over two years to work on OYO. This recognition helped OYO gain early credibility and visibility.
Growth and Expansion
OYO grew rapidly in India and later expanded internationally to countries such as China, the United States, the United Kingdom, and Southeast Asia. The company raised funding from major investors, including SoftBank. By the late 2010s, OYO became one of the largest hotel chains in the world by number of rooms.
Challenges and Controversies
OYO’s rapid expansion also brought challenges. The company faced criticism from hotel partners, operational issues, layoffs, and financial losses. During the COVID-19 pandemic, OYO was severely impacted due to reduced travel demand. These challenges forced the company to slow expansion and focus on restructuring and cost control.
Achievements
Ritesh Agarwal became one of the youngest startup founders in India to build a globally recognized hospitality brand. He has been featured in Forbes lists and global entrepreneur rankings. His achievement is primarily associated with scaling OYO into a multinational company.
Why His Story Is Important
Ritesh Agarwal’s journey is significant because it represents a real startup path with experimentation, failure, rapid growth, and correction phases. His story is often cited in India’s startup ecosystem as an example of how identifying a clear market problem and executing at scale can lead to global impact, while also showing the risks of fast expansion.
