Ritesh is known for creating the application OYO rooms, a hotel room aggregator in India. His company is now the country’s leading platform for the renting of affordable rooms.
Ritesh OYO CEO whose net worth reached 1b$ ( Rs 8,200 Crores) been making headlines as he visited Prime Minister Narendra Modi and President Droupadi Murmu to invite them to their marriage.
Ritesh was born in Bissam, Odisha. He was born in a middle class family. His family used to run a small shop in Odisha’s Rayagada district.
He completed his education from the city’s Sacred Heart School. He later moved to Kota, Rajasthan, where he prepared for IIT-JEE. He moved to Delhi in 2011 for college. However, he dropped out and started working towards his business in his late teens.
In 2012, he started Oravel Stays, a company that booked budget hotels for its masses. In September 2012, he received Rs 30 lakh from Venture Nursery, an accelerator program.
In 2012, he became the winner of the Thiel Fellowship program, the first Indian to win the honour. He received a grant of 100,000 dollars which he used to set up OYO Rooms in May 2013.
He never completed his college degree. During his struggle, he sold SIM cards to sustain himself. He was apprehensive that if he asked for money from his family, they might call him back to Odisha.
He also learned software development through Google to contribute to the development of his application.
To research for his project, he went about roaming the country. He stayed at budget hotels and attended customer calls every day to learn about their expectations and grievances.
Oyo was a runway success. By September 2018, he managed to raise 1 billion dollars for his company.
In 2020, his net worth was 1 billion dollars (around Rs 8,200 crore.)
In February 2020, he became the youngest self-made billionaire in the world. As of now, he is just 29.
