| Net Worth: | $1.1 Billion |
|---|---|
| Date of Birth: | November 16, 1993 (30 years old) |
| Gender: | Male |
| Profession: | Businessperson |
| Nationality: | Indian |
What is Ritesh Agarwal’s Net Worth?
Ritesh Agarwal is an Indian billionaire entrepreneur, founder, and CEO of OYO Rooms who has a net worth of $1.1 billion. As of this writing, Ritesh Agarwal is the youngest billionaire in India.
Early Life
Ritesh Agarwal was born on 16 November 1993 in Bissam Cuttack, Odisha, India. He began selling SIM cards at the age of 13. After graduating from St. Johns Senior Secondary School in Kota, Rajasthan (on Bundi Road), he relocated to Delhi in order to attend college. He dropped out of college and was chosen in 2013 for the Thiel Fellowship.
Career
For the purpose of reserving inexpensive hotels, Agarwal founded the Oravel Stays website. It received an award of $100,000 after being selected as one of the 2013 Thiel Fellowship program’s winners after being admitted into Venture Nursery’s accelerator program in September 2012. The business name is known as OYO Rooms and it was launched in May 2013.
The business had $1 billion in funding by September 2018. Agarwal reportedly tripled his ownership of the company in July 2019 by investing $2 billion in new shares.
Defaults and Fine in the USA
Agarwal signed agreements through his company OYO with hotel owners in the US under which the owners’ buildings would be rebranded under the OYO name in return for payment and a guarantee of income.
However, Agarwal omitted the information that OYO is not permitted to operate a franchise business in the state of California; as a result, OYO was fined $200,000 by California regulators in March 2019. Washington officials discovered OYO made proposals to numerous hotel owners and managers without properly registering, and they issued a cease-and-desist order to the company.
Accusations of Fraud
A businessman from Chandigarh filed a complaint against Agarwal in Dera Bassi in September 2020 for fraud and conspiracy in violation of IPC 420 (cheating) 120 B. (criminal conspiracy).
10,000 hotel owners in India reacted negatively toward OYO.
According to a story from October 2019, hotel owners in Bangalore, Mysore, and other towns in Karnataka filed police proceedings against OYO, accusing Agarwal of fraud.
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