The newest shark on Shark Tank India is 29-year-old entrepreneur Ritesh Agarwal, who founded his Rs 80,000-crore company Oyo Rooms at the age of 18.
Shark Tank India is set to return with its third season soon. The popular reality show sees budding entrepreneurs pitch their businesses to venture capitalists and billionaire ‘sharks’ in a bid to seek funding from them. While five of the older sharks return to the show in season 3, there is a new face too – Ritesh Agarwal, who is – at 29 – the second-youngest self-made billionaire of India.
Who is Ritesh Agarwal, the new shark on Shark Tank India?
Ritesh Agarwal is a 29-year-old first generation entrepreneur, best known as the founder of Oyo Rooms, the successful hospitality chain. Born in 1993 in a Marwari family in Cuttack, he finished his schooling in Odisha before moving to Delhi for higher studies. While in college, Ritesh started an AirBnB equivalent called Oravel Stays when he was just 18 years old. The venture was one of the winners of the Thiel Fellowship in 2013, following which it was formally launched as Oyo Rooms. The company leases and franchises hotels and home stays around the world and currently has over a million rooms in 800 cities across 80 countries.
Ritesh Agarwal’s net worth and Oyo Rooms’ revenue
From its humble beginnings in 2013, Oyo grew rapidly, raising $1 billion funding in September 2018. In July 2019, Ritesh bought back shares worth $2 billion from other investors in a deal that put the valuation of the company at a massive $10 billion. In Jannuary 2022, 500 current and former employees of the company purchases 3 crore shares in the company in a deal that valued it at $9.6 billion. The Economic Times reported the company’s total assets to be over $1 billion in 2021. In 2022, Money Mint reported Ritesh’s net worth to be over $2 billion (Rs 16,462 crore).
When Ritesh Agarwal sold SIM cards
After Ritesh started his venture that grew into Oyo Rooms, the teenager dropped out of his college. However, he did not dare tell his parents about his decision, fearing their disapproval. At that time, the entrepreneur resorted to selling SIM cards to earn money so that he did not have to ask his parents for funds. That time soon ended when he secured the Thiel Fellowship wirth Rs 80 lakh in 2013, paving the way for the foundation of Oyo Rooms as we know it today.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Ritesh Agarwal, founder of OYO Rooms, new shark in Shark Tank India")
)
)
)
)
)
)
)
)
)
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}