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Ritesh Agarwal
Founder and CEO, OYO Hotels & HomesBirth DetailsNovember 16, 1993 | Bisamkatak, Orissa
NationalityIndian
LeagueEntrepreneur
EducationCollege dropout
Net Worth$1.1 billion (Hurun Rich List 2020)
Ritesh Agarwal's Assets:
Ritesh Agarwal's Journey so far...
Before you go ...
- Oyo Hotels
Ritesh Agarwal's Journey so far...
- Born in Bissamcuttack, a hotbed for Naxals, in Southeast Odisha, Ritesh Agarwal grew up in the small town of Rayagada. After completing his schooling, he went to a Delhi college but dropped out
- Agarwal started an online short-stay accommodation listing venture, Oravel, at a young age. It was later incubated by Mumbai-based startup accelerator Venture Nursery
- As he was a college dropout, Agarwal qualified for the Thiel Fellowship, which gives $100,000 to entrepreneurs below 20 years who skipped college and started their own business. The fellowship is set up by early Facebook investor and PayPal co-founder Peter Thiel
- Based on the model of US-headquartered Airbnb, Ritesh Agarwal founded OYO Hotels and Homes in 2013 and currently is one of the world's leading chain of hotels. By the age of 22, he became a millionaire
- Under his leadership, the Gurugram-headquartered OYO expanded rapidly from India to Malaysia and the USA, and is today present in 80 countries and in over 800 cities. In one of his biggest bets in 2017, Agarwal launched OYO in China
- He raised a series of funds from firms like SoftBank, Hero Enterprise, China Lodging Group, ride-hailing companies Grab and Didi Chuxing. In July 2019, Agarwal undertook a $1.5 billion stock buyback, along with pumping in an additional $500 million into OYO valuing the startup at $10 billion
- From a small-town boy who used to sell SIM cards in Odisha, Ritesh Agarwal became one of the world's youngest self-made billionaires. He featured in the Hurun Rich List 2020 with a net worth of $1.1 billion.
Before you go ...
- Ritesh Agarwal named his startup OYO - 'On Your Own', so that one is in control of his own. He gave this name as he did not get control of the television remote to watch his favourite programs with his cousins
- Agarwal draws inspiration from another college dropout Bill Gates and Ola co-founder Bhavish Agarwal
- Right from an early age, he was keen on writing. He also had a knack for computer programming and started taking coding lessons from the age of 10
- Known to have a sweet tooth, in an interview to ET he said, “I love gorging on chhena poda (roasted sweet cheese)."
- In one of his hotels, he once earned a Rs 50 tip after a family was impressed by his babysitting skills.
Last Updated: 12/02/2021
Ritesh Agarwal News
Hurun's Richest Indians list: 21-year-old Kaivalya Vohra is the youngest. Check full listHurun India has revealed its 2024 list of the richest Indians, featuring 21-year-old Zepto founder Kaivalya Vohra as the youngest. Vohra's net worth stands at Rs 3,600 crore, followed closely by his 22-year-old co-founder Aadit Palicha with Rs 4,300 crore. The list also includes young billionaires from various sectors.
Oyo clocks net profit of Rs 132 crore in Q1 of FY25Oravel Stays Ltd., the parent company of Oyo, has clocked a net profit for the first quarter of the fiscal year 2025, founder Ritesh Agarwal said in a townhall on Wednesday.
Oyo projects three-fold rise in FY25 PAT at Rs 700 croreAccording to founder and CEO Ritesh Agarwal, Oyo achieved a net profit (PAT) of about Rs 132 crore in Q1 FY 2025, a turnaround from the Rs 108 crore loss reported for the same quarter of the previous fiscal year.
Byju’s-BCCI settlement in trouble; Ola Electric Q1 loss widensIn a setback for Byju’s, the Supreme Court has stayed the NCLAT's approval of its settlement with the BCCI. This and more in today’s ETtech Top 5.
Oyo posted Rs 229 crore net profit in FY24, claims founder Ritesh AgarwalIn May, Agarwal had posted on X that the January-March quarter of 2024 was Oyo’s eighth consecutive quarter of positive Ebitda, while providing a provisional number of ₹100 crore for profit after tax.
Founder Ritesh Agarwal invests Rs 830 crore in Oyo's latest funding roundPost the equity dilution in the Series G funding, Agarwal's holdings will increase from 29.97% earlier, to 32.57% post the investment, sources told PTI.
We had our maiden net profitable financial year at nearly Rs 100 cr: Oyo founder Ritesh AgarwalAgarwal had shared with employees in February that it has doubled its profit after tax (PAT) sequentially in quarter three of financial year 2024 to Rs 30 crore. The company had marked its maiden profitable quarter with a PAT of over Rs 16 crore in quarter two of fiscal year 2024.
Oyo posts maiden annual net profit of Rs 100 crore in FY24: founder Ritesh AgarwalOyo reported its first profitable fiscal year in 2023-24 with a net earning of nearly Rs 100 crore. Founder Ritesh Agarwal highlighted growth prospects in key markets like Nordics, South East Asia, US, and UK. Fitch Ratings upgraded Oyo's credit rating, acknowledging its strong performance.
JP Morgan extends Rs 200 crore credit facility to OyoJP Morgan has provided Oyo with a Rs 200 crore credit facility to support the expansion of Oyo's Accelerator Programme. Launched in March last year, the program aids over 700 hotels and 85 first-generation hoteliers, offering mentorship, technology access, financial support, and networking opportunities.
Indian entrepreneurs who dropped out of school and collegeRitesh Agarwal, Nithin Kamath, Azhar Iqubal and other entrepreneurs who dropped out.
Oyo launches Shark Tank-inspired loyalty programmeCustomers can avail a free night's stay after seven room nights, an additional 5% discount on Oyo's network of over 3,800 Wizard hotels in India, as well as other rewards in the form of Oyo money under Wizard Shark. Valid for three months, the programme offers free membership renewal. Originally launched in August 2018, Oyo's Wizard programme, with more than 4.4 million active members, is among the largest loyalty programmes in the hospitality industry in India, the company said.
Aroa Venture Partners launches $50 million fundAroa Opportunities Fund, which registered as a category II alternative investment fund (AIF) with Securities and Exchange Board of India (Sebi) in October 2022, has received in-principle commitments of over Rs 400 crore so far, founder and managing partner Gaurav Gulati told ET in an interaction.
Oyo clocks Rs 30-crore profit in Q3FY24, founder Ritesh Agarwal tells employeesPeople familiar with the matter said Agarwal stated that in the upcoming quarters, it anticipates a consistent rise in PAT, driven by ‘enhanced’ patron confidence, ‘improved’ customer experience, and ‘favourable’ market conditions conducive to sustained growth.
Oyo expects consistent PAT rise in upcoming quarters, CEO Ritesh Agarwal tells employeesAgarwal shared the update about the two-fold increase in the company's profit during an employee town hall on Friday.
Oyo boss Ritesh Agarwal meets Rana Daggubati, reveals ‘Baahubali’ star is a seasoned angel investor!From animation studio to comic book empire, the 'Baahubali' star has his finger in more than a few lucrative pies!
Corporate India's power brigade turns out in full force at AyodhyaIndia Inc's power brigade, including Mukesh Ambani, Sunil Bharti Mittal, Kumar Mangalam Birla, and other prominent business leaders, attended the Ram Temple consecration ceremony in Ayodhya. Notable attendees also included Nishant Pitti, CEO and co-founder of EaseMyTrip, and Zoho CEO Sridhar Vembu.
'The energy is infectious': Ritesh Agarwal, OYO founder, posts pics from inside the Ayodhya Ram MandirOYO founder Ritesh Agarwal visited Ayodhya for the Ram Mandir consecration, sharing vibrant pictures and expressing the infectious energy within. Commencing his spiritual journey from Jagannath Temple in Puri, Agarwal's post on X received over 11,600 views, with individuals conveying blessings and love for Ayodhya. The images depict the adorned temple, a Sanskrit phrase, a floral peacock, and Agarwal inside.
Driven by surge in Ayodhya, Oyo to open 400 new properties in major spiritual hotspotsBudget hospitality chain Oyo plans to launch 400 new properties in major spiritual hotspots of the country, including Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route. This move is in response to a surge in domestic travel and rising interest in spiritual tourism. The company aims to cater to the increasing demand for accommodation near key landmarks and religious sites.
OYO founder Ritesh Agarwal launches 5 healthcare centers for underprivileged in OdishaRitesh Agarwal, the founder of OYO, has revealed plans to establish five healthcare centers in Odisha within the next year, aiming to provide medical services to underprivileged communities. Operated by health-tech startup Last Mile Care, these centers, strategically located in regions with limited healthcare access, aim to bridge the gap for marginalized populations.
Ritesh Agarwal becomes a dad, says 'new chapter' has begunThe OYO founder also shared a picture of his baby boy and wrote about beginning an exciting new chapter of his life along with wife Geet.
Ritesh Agarwal, Deepinder Goyal: New Sharks of Shark Tank 3The new season if Shark Tank India is going to begin soon. Recently, the popular show introduced three new 'sharks' who will be investing in the show.
'Shark Tank India' gears up for season 3 with new 'Sharks'; Zomato chief Deepinder Goyal, OYO boss Ritesh Agarwal join juryThe shooting of the third season of 'Shark Tank India' has already begun! Let's meet the news 'Sharks' in town.
OYO founder Ritesh Agarwal's wife pregnant: 'Feel free to share...'OYO Rooms founder Ritesh Agarwal, who got married to his long time partner Geetansha Sood earlier this year, announced her pregnancy on October 13.
Shark Tank India: After Oyo's Ritesh Agarwal, Zomato's Deepinder Goyal joins judges panelZomato founder and CEO Deepinder Goyal is the latest ‘shark’ in the panel of business reality television show Shark Tank India 3.
Ritesh Agarwal, OYO founder and youngest Shark in Shark Tank 3Founder and CEO of OYO Rooms, Ritesh Agarwal, will join the panel on popular business reality TV show Shark Tank India Season 3.
Oyo founder Ritesh Agarwal joins Shark Tank India season 3 as judgeIn the third season, Agarwal will join Lenskart founder Peyush Bansal, Shaadi.com founder Anupam Mittal, Boat founder Aman Gupta, Sugar Cosmetics founder Vineeta Singh, Emcure Pharmaceuticals' executive director of India business Namita Thapar and CarDekho Group CEO and cofounder Amit Jain.
Oyo founder Ritesh Agarwal becomes the youngest shark on ‘Shark Tank India 3’Ritesh Agarwal, the founder and CEO of OYO Rooms, will be joining the panel of the popular show Shark Tank India. At 29, Agarwal will be the youngest shark on the panel, which already consists of several other industry experts. Agarwal expressed his excitement about being part of the show and supporting emerging entrepreneurs in India. Shark Tank India provides a platform for business aspirants to pitch their ideas to experienced investors, who decide whether to invest in their companies. The show's third season will be streaming soon on Sony LIV.
Oyo founder Ritesh Agarwal's unforgettable entrepreneurial tale inspires him to keep goingRitesh Agarwal, the founder of Oyo Rooms, shared an anecdote on social media about an incident that occurred in the early days of his start-up. He had to choose between attending to the needs of hotel guests or taking a call from a potential investor.
'Never lose sight of profitability.' Oyo founder Ritesh Agarwal's golden advice for every founderRitesh Agarwal, the billionaire founder and CEO of OYO Rooms, highlighted the importance of profitability for companies, stating that no company can survive indefinitely without generating profits.
Oyo clocked adjusted ebitda of Rs 175 crore in Q1, CEO Ritesh Agarwal tells employeesOyo had reported its maiden EBITDA positive quarter in an addendum filed with Sebi for its IPO reporting a Rs 7 crore adjusted EBITDA in quarter one of the last financial year.
Oyo founder in clean-up mode: Ritesh Agarwal vows to make lodging more hygienic, conducts hotel audits himselfRitesh Agarwal, the founder and CEO of OYO Rooms, has launched a new initiative called Spotless Stay. He announced that a group of officers would conduct daily hygiene audits to improve the cleanliness standards of the hotels partnered with OYO.
Fitch revises outlook on Oyo's IDRs to positive from stableFitch said it has also affirmed the rating on the $660 million senior secured term loan facility due 2026, issued by Oyo's fully owned subsidiary, Oravel Stays Singapore Pte Limited, at 'B-'.
Fitch revises Oyo's outlook to 'positive', affirms ratingsFitch affirmed the ratings on the $660 million senior secured term loan facility due 2026, issued by Oyo's fully owned subsidiary, Oravel Stays Singapore, at 'B-'. The outlook revision is on the optimism that Oyo is on track to generate positive EBITDA and cash flow from operations sustainably, driven by a greater reduction in operating costs despite weaker-than-expected growth in gross booking values (GBV) in FY23.
This is the story of when OYO CEO Ritesh Agarwal doubled as the cleaning crew and front desk managerAgarwal became the first Asian recipient of the fellowship grant of $100,000, which enabled him to return to India and start his hospitality business OYO. When he had just returned from his time at the Thiel Fellowship and he had just started OYO, he would fill in for any role that there was an a need for, he would often fill in as hotel staff, or cleaning crew or even customer care.
What is Thiel Fellowship? OYO's Ritesh Agarwal got $100,000 from itRitesh Agarwal OYO founder: OYO founder Ritesh Agarwal regrets not having formal education. OYO founder Ritesh Agarwal awarded $100,000 for Thiel
OYO founder Ritesh Agarwal missed out on college experience, but credits Thiel fellowship for 4 lessons that helped his entrepreneurial spiritOYO Rooms founder Ritesh Agarwal has reflected on his decision to drop out of college to become an entrepreneur. At 20, Agarwal founded OYO Rooms which has since become one of the world's top hotel chains.
OYO founder Ritesh Agarwal asks to 'never forget' this; Do you agree?Oyo founder Ritesh Agarwal speech at IIM Nagpur, OYO founder Ritesh Agarwal asks not to forget roots.
'Don't forget your roots.' OYO Rooms founder's life lesson for people who are in pursuit of excellenceOyo founder Ritesh Agarwal recalled his mother's wise words and said that those lessons continue to stay close to his heart to this date.
SoftBank-backed Oyo to reduce planned IPO by two-thirds amid tech headwindsIn the filing, Oyo will outline plans to sell just a third of the new shares it originally planned, eroding the amount of fresh capital it is expected to receive.
Oyo tells employees it expects nearly Rs 800 crore adjusted EBITDA in FY24People familiar with the matter said Agarwal told staffers during the town hall that this can be attributed to 'sustained growth' in India, Indonesia, the US and UK besides ‘relevant optimisations’ and ‘synergies’ in the European vacation homes market.
Who is OYO founder Ritesh Agarwal's wife, Geetansha Sood?OYO founder Ritesh Agarwal marriage with Geetansha Sood: All you need to know about Geetansha Sood.
OYO boss Ritesh Agarwal ties the knot with fiancee Geetansha; Softbank CEO, Paytm boss attend receptionThe newlyweds were seen touching the feet of Softbank boss Masayoshi Son.
'Set for a new beginning!' OYO boss Ritesh Agarwal, fiancée invite PM Modi for their March nuptialsThe OYO Rooms founder is one of the country’s youngest billionaires.
Startups, new-age firms shouldn't consider growth and profitability as trade-offs: panel at ET Global Business SummitThe panel of leaders from the new economy sectors was debating the balance between growth and profitability as business prudence takes centre stage at technology companies and startups.
Ritesh Agarwal, founder of hotel chain OYO, invites PM Narendra Modi to his weddingRitesh Agarwal, the founder of Oyo Rooms, invited Prime Minister Narendra Modi to his wedding next month and shared pictures of their meeting on social media.
We need to talk: Oyo launches new feature for customer feedbackOyo said that to capture customer feedback, it has rolled out a feedback section on its website landing page, and on its app called 'We need to talk'
Budget with vision puts India on the path to be a world champ: India Inc leaders"Union Budget 2023 heralds good news for both industry and the common man. FM (finance minister) continues to focus on investments and policies keeping the USD 5 trillion economy ambition in line of sight. Balancing both the strategic and tactical announcements, this budget lays impetus on the seven key priority areas."
OYO founder Ritesh Agarwal hopes for the removal of 12% GST on hotel rooms in Budget 2023Ritesh Agarwal, the founder of OYO Hotels & Homes, anticipates that the 12% GST on hotel rooms costing less than Rs 1,000 should be eliminated in the Union Budget 2023–24.
Infra status, rationalisation of GST on hospitality sector's Budget 2023 wish listWhile tourism and hospitality in India are currently witnessing a boom, the industry still requires government’s support to fully recover, said Ritesh Agarwal, founder and group CEO of Oyo.
Oyo saw over 4.5 lakh bookings on New Year's eve: founder Ritesh AgarwalIn a series of tweets, Agarwal spoke about the "busiest day of the year" for the travel technology company and shared that Oyo saw higher bookings in Varanasi as compared with Goa.
Oyo to layoff 600 employees as part of 'wide ranging' changes in organisation structureOyo says it's downsizing people in its product and engineering teams, but also hiring staffers in relationship management and business development. The company said the downsizing in tech is also happening in teams that were developing pilots and proof of concepts such as in-app gaming, social content curation and patron facilitated content.
Mohandas Pai slams Oyo over 'fake accounting', hospitality major repliesFormer Infosys Director T.V. Mohandas Pai slammed Ritesh Agarwal-run Oyo for allegedly misleading investors via 'fake accounting' as the hospitality major reported its maiden positive EBITDA during the first quarter of the current fiscal.
J&K Lieutenant Governor Manoj Sinha inaugurates 75 Oyo homestaysThe inauguration is a part of the ongoing Azadi Ka Amrit Mahotsav - an initiative of the Government of India to celebrate and commemorate 75 years of independence.
Ritesh Agarwal announces Paralympian Deepa Malik as Oyo's independent director, recalls her 3 life lessonsDuring a virtual meet, the para-athlete stressed that pain is the only permanent factor in life.
Small businesses can avail up to 60% discount on stay in OYO hotels from June 27-July 3OYO said it has recently added more than 1,250 new businesses since March 2022
OYO boss lists 3 books that shaped his journey, says he drew inspiration from works of Netflix, PayPal foundersRitesh Agarwal said that the books helped him in his journey as an entrepreneur.
Valuations are temporary, values are forever: Oyo's Ritesh AgarwalRetweeting his video message posted by Startup India, Agarwal said, "I am bullish on Indian entrepreneurs taking the world by storm. Founders should remember that valuations are temporary, values are forever. Focus on doing good & stay grounded."
India's small towns hotbeds of entrepreneurship: OYO CEO Ritesh AgarwalThe rapid evolution of internet infrastructure, allowing cheap and quick distribution at scale, combined with access to capital provides the opportunity for a large number of small businesses in the country to scale up and become high quality sizable companies, he added.
Tourism sector recovering; sense of optimism in industry: OYO CEO Ritesh AgarwalTalking about new trends of vacations in remote work mode amid COVID-19, Agarwal said workations, homestays and rural tourism are here to stay for a long time.
Oyo clocked best two weeks since pandemic, IPO coming, says CEO Ritesh Agarwal“We've had two straight weeks which are the biggest weeks we have had since the onset of the pandemic. Just in India, we clocked 800,000 bookings this last one week (April 11 to 17),” he said at a discussion on India’s startup boom, titled Democratising Entrepreneurship, at the conclave.
'Choose your battles wisely.' OYO CEO Ritesh Agarwal's mid-week motivation is about the F-factorThe founder and CEO of OYO said that everything has the risk of failure.
Oyo to offer free accommodation to Ukraine refugeesStarting with Poland, Oyo has initiated concerted efforts to appeal to its 600-plus Belvilla homeowners on its platform in Poland to open their holiday homes to refugees.
OYO appoints Satyadeep Mishra as CHRO for global teamsSatyadeep Mishra's appointment comes when the company scales its data science, design, engineering and product teams as OYO continues to focus on launching new features for its technology products for hotels, homes and customers in 2022.
IPO-bound Oyo gets in-principle listing approval from BSE, NSEIndian stock exchanges typically provide such go-aheads in advanced stages of the IPO approval process, thus signalling that the regulatory path is close to getting cleared for a company to approach for its listing.
Agritech startup Agrowave nets $2 million funding from Oyo founder Ritesh Agarwal's family officeAgrowave said it is planning to use the funds to expand the team and scale operations to achieve a monthly gross merchandise value or GMV of over Rs 100 crore.
Oyo is said to target $9-billion valuation in IPOThe valuation Oyo is targeting would be lower than the $12 billion initially reported last year and probably lower than the $10 billion level the startup hit in 2019.
1 mn bookings done on NYE weekend, OYO CEO Ritesh Agarwal braces himself for an eventful 2022The OYO bookings made on the same day for New Year's eve in 2021 was 58 per cent.
Over five lakh nights booked by people with OYO for New Year celebrations, says CEOCEO Ritesh Agarwal said, "2021 booking was (the) highest among 90 pandemic weekends since April 2020 with total customer bookings globally on our platform worth (around) Rs 110 crore (USD 14.6 million) over the weekend."
Over 5 lakh nights booked by people with Oyo for New Year celebrations: CEORitesh Agarwal said the percentage of Oyo bookings made on the same day for New Year's eve for December 31, 2021 was 58 per cent, it was at 61 per cent in 2020, 57 per cent in 2019, 63 per cent in 2018 and 55 per cent in 2017.
Ghost town: Group travels over 3,000 kms to reach their OYO hotel in Puducherry. Finds barren land on arrivalRohit Kapoor, OYO’s chief executive officer for India and South-East Asia, apologised to the group for their troubles.
Oyo IPO may leave early investors earning returns of up to 770%Oyo’s early investors such as Lightspeed Ventures and Sequoia, along with recent ones like Airbnb, Microsoft, Hindustan Media Ventures, and founder Ritesh Agarwal will not be selling any shares. Softbank, one of the largest shareholders, will offload about 2% of its existing stake through the initial public offering.
Oyo ropes in former SBI chairman Rajnish Kumar as strategic group advisorRajnish Kumar will play a key role in advising OYO's management on short-term and long-term strategy, regulatory and stakeholder engagement and enhancing the brand of the company globally, OYO said.
Oyo elevates Ankit Gupta as CEO of 'franchise and frontier' business in IndiaAnkit Gupta, who will continue reporting to Oyo India and Southeast Asia CEO Rohit Kapoor, has been instrumental in significantly strengthening the India business over the last two years.
ClearDekho raises $4 million funding led by Aroa VenturesThe company said it will use the funds to expand its stores across geographies, marketing and on-ground activities to drive new customer acquisitions.
SC to hear hotelier’s appeal against tribunal’s Oyo order on Oct 21Mona Agrawalla, who runs the Central Courtyard Resort in Siliguri, had challenged NCLAT’s dismissal of an insolvency case against Oyo in the Supreme Court. Oyo’s counsel termed the appeal an attempt to blackmail the company ahead of its IPO.
Oyo eyes a $26 billion opportunity in India by 2030, Bernstein saysOyo sees a $26 billion opportunity in India by 2030 as it considers India its main growth area, which contributes over 90% to its revenues, Bernstein says.
Oyo IPO details: The DRHP, decodedOyo Hotels & Homes, officially called Oravel Stays Ltd, plans to raise Rs 8,430 crore in an initial public offering (IPO), draft papers of which were filed with the Sebi today. Here’s a look at the key Oyo IPO details.
Oyo joins startup IPO rush to raise $1.2 billion, seeks Sebi nodSoftBank, founder Ritesh Agarwal to remain promoters after public offering; More than 90% of OFS is from the Japanese investor; Company revenue falls 70% due to Covid-19, narrows losses.
Up to 20-25% secondary dilution expected in Oyo's impending $ 1 bn IPOExisting investors such as Airbnb and Greenoaks Capital are unlikely to divest their stakes besides founder Ritesh Agarwal, they added.
Founder Ritesh Agarwal unlikely to offload any stake in Oyo IPOOyo is looking to raise $1-1.2 billion in its upcoming IPO at a valuation of $12-15 billion. Existing investors are likely to sell some stake via an offer for sale, but founder Ritesh Agarwal is unlikely to sell any of his 30% stake in Oravel Stays.
Backing the right entrepreneur is an art; trusting your instinct is the key, says OYO bossRitesh Agarwal assured that one can get good at the art over time too.
Florintree, Ritesh Agarwal invest Rs 50 crore in Freight TigerThe round also saw participation from Oyo Founder, Ritesh Agarwal’s family office Aroa Ventures and existing investors Lightspeed India Partners, Moonstone Investments and Pawan Munjal Family Trust.
Say goodbye to mid-week blues with Ritesh Agarwal's business hack for entrepreneursThe Oyo boss told the early stage entrepreneurs that people always want to ride the momentum.
Eye on revival, Oyo secures $660 million debtFidelity, Citadel, Varde Partners & other global investors subscribe to startup's TLB offer
NCLAT allows withdrawal of Oyo insolvency case in setback to hoteliersOyo has reached an out-of-court settlement with hotelier Rakesh Yadav, but scores of others had approached NCLT with claims against the company that were said to be upwards of Rs 200 crore.
Top CEOs seek large fiscal stimulus or tax sops to jumpstart economyEighty-two per cent of the 59 top corner-room occupants who voted in the ET poll see 5-10% GDP growth in FY22 while 56% said demand for their goods or services had been impacted adversely by pandemic’s second wave.
Oyo to pay 8 months’ salary as part of Covid-19 bereavement supportOyo wants to do more not just for its employees, but also for the “extended Oyo family”, Oyo Rooms CEO Ritesh Agarwal says.
OYO to move to 4-day work week: Ritesh AgarwalAgarwal in a tweet noted that COVID-19 continues to test the physical and mental well-being of people. One thing that truly matters is having more time for our loved ones and ourselves. Inspired by startups and large companies alike, we began a few initiatives this week at OYO, he said.
Oyo introduces 4-day work week, no-questions-asked infinite PL; Zerodha kills work chats post-6pmOYO has also introduced a mid-week breather.
9Unicorns is on a mission to help India's startups, announces third close at $40 mn9Unicorns has already committed investments in about 40 startups.
Ritesh Agarwal says the only thing that matters on the journey to success is one's experience with failuresThe 27-yr-old is often asked this question by young founders.
It's raining unicorns in India: Vani Kola's 4-role plan for a successful start-up, Oyo boss asks people to celebrate others' achievementsThe year so far has brought good tidings for start-ups like Groww, CRED, Gupshup and ShareChat.
Oyo squashes rumours of bankruptcy following an NCLT order"The creditors of Oyo Hotels & Homes are hereby called upon to submit their claims before April 15 to the interim resolution professional," a copy of an April 4 NCLT order, signed by interim resolution professional Keyur Jagdishbhai Shah and seen by ET stated.
Oyo checks out from unviable ventures, assetsOyo Hotels & Homes has surrendered some co-working spaces and cut back on its co-living and rental housing business under Oyo Life over the past 2-3 quarters to staunch losses and focus on its core hotels business.
OYO founder says criticism not an easy thing to digest, but can be of great helpRitesh Agarwal on the best way to approach negative feedback.
Term sheet binding, Zo entitled to get up to 7% in Oyo: ArbitratorAn Arbitral Tribunal has ruled that Oravel Stays is bound by the Oyo-Zo Rooms acquisision deal struck in 2015 and that Zostel Hospitality can claim case costs but not damages. Oyo now plans to contest the order.
Zingbus secures funding from Titan Capital, Ritesh Agarwal, othersThe platform will utilize the funds to increase its operational footprint across the country and expand the scale of its fleet operations to 500 buses in the next 12 months.
2020 was difficult for all: OYO founder, Avana CEO learnt perseverance, resilience and trusting peopleStart-up founders in their 20s reveal how they raised money during the pandemic.
Staycations, business trips by SME owners helped Oyo stay afloat amid pandemic: Ritesh AgarwalAgarwal said that Oyo’s domestic revenues "was down to nothing" in the initial months of the coronavirus-induced lockdown which crippled the travel and hospitality industry in India.
Hospitality industry in middle crisis, will overcome setback by innovation: OYO boss Ritesh AgarwalInnovation is going to be the name of the game and, "the travel industry will no doubt come back to equivalent or ahead of pre-COVID-19 levels in the years to come but the way it comes back will never be exactly the same as it was before," Agarwal said.
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