Ritesh Agarwal dropped out of college on the second day as he “did not want college to interfere with his education”.
Having dabbled in coding as a kid, he picked up the nuances of business from FMCG marketers when his parents expected him to be in college.
A few years on, he’s created using new-age ‘technology and common sense’ an online network of branded budget hotels, ‘OYO Rooms’ — a start-up that has raked in investment to the tune of over Rs.700 crore which earned Mr. Agarwal, all of 21, a formidable reputation as the entrepreneur of tomorrow.
The online market place ranks among ‘The New York Times’ top 50 start-up unicorns. In a conversation with veteran adman Sam Balsara at the IAA India chapter silver jubilee summit on Saturday, Mr. Agarwal said he had started it as an online hotel booking service, but then the aim was not to create a business, but to make an impact in the hospitality industry, which was riddled with service-related issues.
He approached a low-cost hotel at Gurgaon and brought it to a particular level. Its occupancy rate rose from a paltry 15 per cent to over 90 per cent in no time.
He standardised hotels, equipping them with free wifi and other amenities. The chain now covers over 15,000 rooms in some 80 cities.
“The best part is that in the last one year, we were not required to approach anybody for financial assistance; they came looking for us. If you staunchly believe in your dream, others would help you realise it,” he said.
Mr. Agarwal’s firm right now covers 60 per cent budget hotels and 40 per cent mid-market hotels, his sights firmly set on the luxury segment.
“My dream to create the best-loved hospitality brand globally,” he said.
Ritesh Agarwal picked up the nuances of business from FMCG marketers when his parents expected him to be in college.
