Story of How a college dropout became the World’s Youngest Self-made Billionaire in almost a decade
Mega-Thread on Ritesh Agarwal of OYO rooms @riteshagar @oyorooms
Would appreciate a Retweet as it helps us educate more investors and inspire us in producing more such content.
Mega-Thread on Ritesh Agarwal of OYO rooms @riteshagar @oyorooms
Would appreciate a Retweet as it helps us educate more investors and inspire us in producing more such content.
1) OYO stands for 'On Your Own' and has become synonymous with budget-friendly accommodations.
2) The college dropout Ritesh Agarwal had plans to start his own business.
2) The college dropout Ritesh Agarwal had plans to start his own business.
3) At 17 years, he conceived the idea of Oravel stays which would later be re-branded as OYO in 2013.
4) He was born in the small town of Rayagada, Orissa where he attended the Sacred Heart School. From his school days, he was interested in computers, software, and coding.
4) He was born in the small town of Rayagada, Orissa where he attended the Sacred Heart School. From his school days, he was interested in computers, software, and coding.
5) In 2009, Ritesh left for Kota to get an entry into top IIT colleges. Later, he realized Kota wasn’t a place to learn to code and gave up on his dream.
6) During that time he wrote a book: ‘Indian Engineering Colleges: A Complete Encyclopaedia of Top 100 Engineering Colleges’ which became a hit.
7) He was one of 240 students selected to participate in the Tata Institute of Fundamental Research (TIFR)'s Asian Science Camp.
7) He was one of 240 students selected to participate in the Tata Institute of Fundamental Research (TIFR)'s Asian Science Camp.
8) In 2013, Oravel was relaunched as OYO and went on to become India’s largest chain of affordable hotels.
9) It first started its services in India, and today, after 8 years of establishment, it operates in 800 cities in more than 80 countries of the world.
9) It first started its services in India, and today, after 8 years of establishment, it operates in 800 cities in more than 80 countries of the world.
10) OYO has over 23,000 hotels, 8,50,000 rooms, and 46,000 vacation homes across the globe.
11) The company started its international operations in 2018 starting with Malaysia. It then entered the markets of the UK, UAE, Dubai, China, Singapore, Indonesia, and others.
11) The company started its international operations in 2018 starting with Malaysia. It then entered the markets of the UK, UAE, Dubai, China, Singapore, Indonesia, and others.
12) During 2017, 2016, and 2015, it recorded 13 million, 6 million, and 4 million global stayed nights, respectively.
13) In March 2016, OYO acquired the team of Qlik Pass, founded by Rahul Gupta and Rishi Swami, to set up and lead its data science department.
13) In March 2016, OYO acquired the team of Qlik Pass, founded by Rahul Gupta and Rishi Swami, to set up and lead its data science department.
14) After raising $800 million from SoftBank in September 2018, OYO was added to the unicorn list.
15) In 2018, OYO acquired Chennai-based service apartment operator, Novascotia Boutique Homes, to establish its presence in the service apartment and executive stay segment.
15) In 2018, OYO acquired Chennai-based service apartment operator, Novascotia Boutique Homes, to establish its presence in the service apartment and executive stay segment.
16) It further acquired Weddingz. in, a Mumbai-based online marketplace for wedding venues and vendors, marking its entry into the fragmented $40-billion wedding industry.
17) In 2018, the company became a 100% leased & franchised hotel chain.
17) In 2018, the company became a 100% leased & franchised hotel chain.
18) It recorded global stayed room nights of 75 million in 2018, almost six times more than in 2017, and collected $211 million.
19) Hotel chain OYO announced the launch of OYO Wizard, a new membership program designed to recognize and reward frequent customers.
19) Hotel chain OYO announced the launch of OYO Wizard, a new membership program designed to recognize and reward frequent customers.
20) In 2019, OYO raised $807 million in series F funding from Ritesh Agarwal's RA Hospitality Holdings and SoftBank
21) OYO and Airbnb established a strategic relationship in 2019 in which OYO will list its residences on the Airbnb marketplace.
21) OYO and Airbnb established a strategic relationship in 2019 in which OYO will list its residences on the Airbnb marketplace.
22) In April 2019, the company announced the establishment of the OPEN program designed to assist its partner hotels in achieving their business objectives.
23) OYO announced a 1400 crore investment in its India and South Asia businesses in March 2019, with the goal of improving infrastructure, technology, and internal competence.
24) In August 2019, Oyo made its first substantial investment in the United States, partnering with US-based real estate business Highgate to purchase the Hooters Casino Hotel near the Las Vegas Strip for $135 million.
25) In 2019, the company also launched two joint ventures, one with Softbank and Yahoo! Japan.
26) In India, OYO opened 26 training institutes for hospitality enthusiasts in 2019.
26) In India, OYO opened 26 training institutes for hospitality enthusiasts in 2019.
27) It also launched an enhanced Co-OYO app for hotel partners, which gives them total visibility into all business and consumer KPIs.
28) It has bought over one million rooms in over 43 thousand hotels as of now.
28) It has bought over one million rooms in over 43 thousand hotels as of now.
29) The company's vacation homes division provides access to over 130,000 homes worldwide for travelers and city people.
30) Several press sources claimed that OYO had filed for bankruptcy in April 2021. However, Ritesh Agarwal confirmed that this was not the case.
30) Several press sources claimed that OYO had filed for bankruptcy in April 2021. However, Ritesh Agarwal confirmed that this was not the case.
31) OYO joined hands with Yatra, Airbnb, and EaseMyTrip to form the Confederation of Hospitality, Technology, and Tourism Industry (CHATT), a business group for India's tourism industry June 2021.
32) OYO has grown tremendously since it was established in 2013 to becoming the world’s third-largest and fastest-growing chain of leased and franchised hotels.
Would appreciate a Retweet as it helps us educate more investors and inspire us in producing more such content.
Would appreciate a Retweet as it helps us educate more investors and inspire us in producing more such content.
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