With the expansion of Internet, We have seen teenage Entrepreneurs in the field which are earning millions. Earlier there was a few handpicked billionaire, who started off early like Mark Zuckerberg, Bill Gates etc. But today the start-up culture is on boom. Every other guy is working on something big of its own. People are willing to take risk for a better long term success. India is also one of the countries, which develop start-up traits in a vast number nowadays.
Today, we will be talking about the Journey of a young boy, who in very young age accomplished massive success and he is Ritesh Aggarwal – Founder of OYO Rooms.
OYO rooms is India’s largest hospitability company, consisting of budget Hotels. It was started by Ritesh Aggarwal in 2013 and it has grown to over 500 cities in India, China, Malaysia, Nepal, UK, United Arab Emirates, Saudi Arabia, Philippines, Indonesia and Japan and operates 5,15,000 rooms globally.
The Journey Started with a young boy Ritesh Aggarwal who belongs to a middle class business family and was born in Bissam Cuttack in Orissa. In 2011, Ritesh moved to Delhi with intention to do something great and of his own. During his days of struggling, Ritesh saw that the condition of Hotels in India is miserable, some don’t even have some basic needs which a traveler wants. He came up with an Idea of Oravel stays in 2012,which was an aggregator of bed and breakfast stays across India. In some time, we got a funding of 30 lakh rupees from Venture Nursery. Ritesh also present his idea at the Thiel Fellowship programme and received a sum of $100,000 for 2 years/ month and got some guidance from Peter Theil – the cofounder of Paypal and facebook’s Investor.
The things went good and Ritesh works even more hard onto it. But, the problem which Ritesh face was that – Budget. Budget is a major factor in a common man’s life. He knew that in low budget one can’t find a good hotel for stay. He took the problem seriously and starts collaborating with small Hotels and Lodges. The Business Model was based in this concept that. In every hotel OYO will rent some rooms in the hotel. They will take care of the room and provide the room on an affordable price to customer. The Hotel will get the decided commission and this chain will continue so on. This concept not only give satisfaction to customer but to hotel also, as it will also get the benefit Ritesh Aggarwal launched OYO rooms in 2013.
Since, then OYO becomes the no. 1 hospitality company in Indio and It is expanding more to become World’s biggest. Today the Networth of OYO rooms is more than 2600 crore rupees and Ritesh Aggarwal is around 1.5 million dollars per annum. Ritesh Aggarwal also won many awards and accolades for his work including the Business World Young Entrepreneur Award.
If you have determination and passion to do anything, the age is just a number and Ritesh Aggarwal has proved it to us.