This is an inspiring start up success story. OYO Rooms Mastermind Ritesh Agarwal Success Story and is all about how the young minds can transform this world and make it a better place for living. This is the story of a young boy who is the mastermind behind the success of the online and offline startup OYO Rooms.
This is a story of Ritesh Agarwal, the young Founder & CEO of OYO Rooms. OYO means On Your Own. It is one of the fastest growing offline & online portal to get good rooms at affordable prices and better services.
With a current valuation of nearly $400 millions, OYO rooms provides travelers the best in class rooms and services at cheapest well-organized, consistent rooms with no hidden charges. OYO rooms provide quality services at transparent channel.
Living this dream was not that easy for Ritesh as he used to work for approx 17 hours a day to transform this dream into reality. His hard work and dedication towards his goal is the only reason behind the success of his start up in most of the metropolitan cities of India.
OYO Rooms Mastermind Ritesh Agarwal Success Story
Ritesh was born in Bissam Cuttack in Orissa in a business class family and with an early age he had an optimistic approach towards life. He attended the Sacred Heart School in Rayagada, Orissa. Ritesh’s approach towards life was a little different as compared to other kids of his age.
His Journey from a kid to Entrepreneur
He was a tech savvy with a clear vision to work for his interest in computers passionately. It all started with his interest in programming. He never gave up and made many mistakes to learn something new to build potential opportunities for him. His interest in software and programming was the first step in building up his career.
His hunger for success was so strong that he borrowed his brother’s programming books to learn programming basics and clear the air from the concepts. Learning basics took time and as soon as he made his basics strong, he started learning more from the internet.
His interest in coding transformed into his passion and he soon understood that he will go for coding to make his career in the future. In 2009, Ritesh joined Kota to learn coding and attended various tutorials related to the same. He enjoyed this phase of his life and made great memories and experienced a lot.
He even started writing a book named, ‘Indian Engineering Colleges: A Complete Encyclopaedia of Top 100 Engineering Colleges’. Soon after his success this book sold many copies on Flipkart.
Ritesh was chosen among few kids for the Asian Science Camp held at the Tata Institute of Fundamental Research (TIFR) in Mumbai when he was 16. Here he took part in the discussion for the betterment of science and technology.
Ritesh used to travel a lot and used to stay in budget hotels and lodges. He used to attend various entrepreneurial conferences and this is when his life took a turn. He used to sit for conferences even if he could not manage to pay for the passes. But luck favors the brave, and Ritesh is the hero of this story.
From Failure to Success
Ritesh was trying harder for SAT, for further studies in USA. But, SAT never happened and this was the twist in the story when he thought of starting up something of his own. His interest in startups, entrepreneurship and AIRBNB was the reason that he kept on reading about the same and learned many of the life lessons from the same.
The University of London’s Indian Campus, but left the same just after three days of joining. He wanted to start his dream start up venture. So he took a day’s leave to work on the project and ultimately never went back.
Ritesh Agarwal noticed a problem that travelers used to face while traveling from one place to another. The problem was that the travelers used to find it difficult to get a good hotel at reasonable prices and most of them end up with a compromising bed and breakfast. Ritesh made a good use of this opportunity and started his venture named as Oravel Stays. Where he made a link between the beds and breakfast for the travelers.
Oravel to OYO Rooms
Very soon his venture secured a funding of Rs 30 lakhs from VentureNursery. This funding motivated Ritesh to work on his new venture and he also presented his promising idea in the seminars like Thiel Fellowship, which was a global contest for the students. He managed to reach amongst the top ten and earned a sum of $100,000 [over two years (about Rs 2.7 lakhs / month)] as well as guidance and other resources, to drop out of school and create a start-up, from PayPal co-founder and Facebook investor – Peter Thiel.
But the things were not that simple and very soon it started failing because of the business model. Ritesh even got Manish Sinha of Gurgaon based Cinnamon Stays, as their co-founder but unfortunately, it still didn’t help and Manish eventually had to quit the company. Ritesh even tried to replicate the Airbnb model but was not able to make as it was planned.
But this was not the end and Ritesh started working on the project with an optimistic approach to provide the quality rooms at affordable prices and outstanding services to the travelers to make their stays better as compared to the previous times. This is when he renamed the business model from Oravel to OYO Rooms in 2013. OYO Rooms Mastermind Ritesh Agarwal Success Story surely inspires many tech startups these days.
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