s a teenager enrolled to
prepare for the IIT entrance
exam in Kota, Rajasthan,
Ritesh Agarwal couldn’t
wait for weekends. He’d run
to Delhi and interact with
those who were working
on their own ventures,
since his own idea looked
far more attractive to him
compared to an entrance exam score.
He later moved to Delhi and joined the
Indian School of Business and Finance
to pursue an undergraduate programme
offered by the University of London,
but dropped out in three days, since the
entrepreneurship bug had already bitten
him. Once, a kid who had to resort to
selling SIM cards for survival because he
didn’t want his family to crush his dream,
today at 25, Agarwal is a businessman to
look out for.
The Barclays Hurun India Rich List
2018 features him as the ‘youngest self-
made entrepreneur’. His venture, OYO
Hotels & Homes, one of the top five
unicorn start-ups in India, is pegged to
have a net worth of `2,600 crore.
Over to him.From selling SIM cards at 13, to
founder and CEO of OYO at 19,
how has your life changed?
I always had the entrepreneurial bug
in me, which explains my experiments
from selling SIM cards, picking up odd
summer jobs, writing a book, to founding
OYO. My journey has been full of
learning and experiences, whether it was
the Peter Theil Fellowship or the ability
to take OYO to China, and within 18
months emerging as the second largest
hotel chain. Life surely has changed.
I have bigger responsibilities now.THE BIG STORY
How did OYO Hotels & Homes
come about?
My motivation stemmed from the fact
that I wanted to be in control of the TV,
an impossibility when visiting relatives.
Jokes apart, at 17, when I was travelling
across the country I realised that there
was a dearth of affordable and quality
hotels in the unbranded budget hotel
category. To address that, I started
Oravel Stays, which was a platform for
listing budget accommodations, only
to conclude that discovery alone will
not solve this problem. There is a huge
disconnect between demand and supply
of quality spaces, forcing travellers to
compromise on location, quality, and
price. Leveraging the right technology
and talent, OYO was launched in May
2013 with the promise of delivering
predictable, affordable, anytime-available
stay experiences for travellers.Tell us about the Peter Thiel
Fellowship experience.
The Thiel Fellowship is open to students
under 23 and offers them $100,000 and
other resources and mentorship to drop
out of formal education and pursue other
work. I was the first resident Asian to
be selected, and was mentored by Peter
Theil along with other visionaries.What’s the biggest risk you have
taken for OYO?
In a country where higher education is
given a great amount of importance,
I dropped out of college within days of
joining to follow my dream, and it is
definitely worth it.How did you tackle obstacles?
A single-minded focus on the mission
keeps me going. I am also surrounded
by a team of passionate people who with
their conviction and innovative thinking
help me improve my skills.What advice would you give to
a budding entrepreneur?
An entrepreneur should be willing to
be hands-on during execution. It’s
important to know how things work
from the ground up. As the start-up
scales, you should be able to identify
talent, and partner with those who share
your vision and sensibilities.Ritesh Agarwal, Founder and CEO of
OYO Hotels & Homes, India’s largest
hospitality company, talks to Kayal
Thanigasalam about how his life
changed after quitting collegeON A DREAM
I DROPPED OUT OF
COLLEGE WITHIN DAYS
OF JOINING TO FOLLOW
MY DREAM, AND IT IS
DEFINITELY WORTH IT