From OYO to Shark Tank: Ritesh Agarwal, the founder and CEO of OYO Rooms, has recently joined the panel of Shark Tank India as the newest judge From OYO to Shark Tank. This move makes him the youngest shark on the panel From OYO to Shark Tank, which already includes Aman Gupta, Amit Jain, Anupam Mittal, Namita Thapar, Vineeta Singh, and Peyush Bansal.
In a tweet, Agarwal expressed his excitement about being a part of Shark Tank India and supporting more entrepreneurs emerging from all corners of India. He mentioned that when he started his entrepreneurial journey, resources were hard to come by, but the generosity and kindness of the ecosystem, including mentors, venture capitalists, and other founders, made his journey easier and more fulfilling. Agarwal has always wanted to replicate this support and has been actively involved in mentoring and backing entrepreneurs at every stage of their own personal journeys.
Agarwal has extended his support to numerous startups, provided guidance to entrepreneurs within the Naropa Fellowship cohort, and assisted small businesses across India. He has wholeheartedly contributed to the community that stood beside him during his formative years. His involvement in Shark Tank India allows him to further contribute to the entrepreneurial ecosystem and make entrepreneurship a household conversation.
Shark Tank India is the Indian adaptation of the popular American show Shark Tank, where budding entrepreneurs pitch their products or services to a panel of investors or “sharks” who decide whether to invest in their companies. The show has gained popularity for its ability to ignite entrepreneurial growth and provide a platform for business aspirants to chase their entrepreneurial dreams. The previous seasons of Shark Tank India have witnessed exceptional pitches and investments, propelling startups to new heights.
Ritesh Agarwal: The Entrepreneur Behind OYO Rooms From OYO to Shark Tank
Funding:
- OYO Rooms has received significant funding from various investors. As of the latest available information, OYO has raised over $3 billion in funding.
- Some of the notable investors in OYO include SoftBank, Sequoia Capital, Lightspeed Venture Partners, and Airbnb.
- The funding has helped OYO expand its operations globally and establish itself as one of the largest hotel chains in the world.
Wealth:
- Ritesh Agarwal’s success with OYO has contributed to his personal wealth. As of the latest available information, his net worth is estimated to be around $1.1 billion (approximately Rs 7253 crore).
- Agarwal’s wealth primarily comes from his ownership stake in OYO and the company’s valuation.
Company List:
- OYO Rooms: Founded in 2013, OYO Rooms is a budget hotel aggregator that offers standardized and affordable accommodations to travelers. It has expanded its operations to several countries, including India, Nepal, Indonesia, Malaysia, Singapore, China, the UAE, the UK, and the US.
- Oravel Stays: Before OYO, Ritesh Agarwal started Oravel Stays, a budget accommodation portal. He later transformed it into OYO Hotels.
Controversies:
- OYO has faced some controversies and criticism over its business practices. Some hotel partners have accused OYO of unfair contracts, non-payment of dues, and unilaterally changing contract terms.
- In response to these controversies, OYO has made efforts to improve its relationship with hotel partners and address their concerns.
Early Success and OYO Rooms:
- Ritesh Agarwal founded OYO Rooms in 2013 at the age of 19.
- OYO Rooms is now one of the largest hotel chains in the world, with over 1.5 million rooms in over 80 countries.
- The start-up raised a whopping $1 billion in funding.
- In July 2019, Ritesh Agarwal personally invested $2 billion to buy shares of his own company.
- As of 2020, Ritesh Agarwal’s net worth was estimated to be approximately $1.1 billion (Rs 7253 crore).
Involvement with Investors:
- Ritesh Agarwal has been involved with various investors throughout his entrepreneurial journey.
- Some notable investors in OYO Rooms include SoftBank Vision Fund, Sequoia Capital, Lightspeed Venture Partners, and Airbnb.