Orissa-born Ritesh Agarwal is probably the youngest entrepreneur in the country. At the ripe young age of 21, Ritesh is the founder and CEO of OYO Rooms, a popular hotel chain in India. Ritesh, who is the first Indian to win the Thiel Fellowship, was in the city to participate in the FHRAI convention, and we catch up with him to get a first person’s account of his fascinating journey from Rayagada to Delhi. Excerpts from a breezy interview with Monalisa Patsani:
You became an entrepreneur at the age of 17. What motivated you?
I always believe age doesn’t matter when you want to do something. What motivated me? Well, I was sent to Delhi for further studies, and I used to stay with my relatives. That time, I felt the need to stay in a hotel room at a reasonable price with all basic facilities. Then I came up with an idea of forming Oravel travels which I later changed to Oyo Rooms.
From your roots in Rayagada to becoming the youngest entrepreneur in the country, how do you feel?
Well, I never expected this, but yes I always wanted to do something different. Once in a year, we used to get an opportunity to visit Puri or Gopalpur but now things have changed. The love and appreciation that I have received from the state is very motivating. Being born and brought up in Orissa will always be special for me.
Since you have a bond with Orissa, what are your plans for the state?
I’m emotionally attached to Rayagada and some other parts of the state. We have already included some of the hotels from major cities of the state. Orissa has so many resources in the tourism sector which are yet to be tapped. We need to develop those sectors so that people can visit and experience some of the best and beautiful unexplored areas of the state.
Tell us more about Oyo Rooms.
Oyo is a network of branded hotels from India and we are the largest brand in India. Our aspiration is to eventually built the world’s largest network. Today, OYO has 12 companies and people from other parts of the world are trying to replicate what OYO did in India. It is a great feeling that something made in India is being copied in other parts of the world. When I started OYO, I gave more attention towards the hospitality and basic facilities for customers. Our employees are not only smart and experienced people but also those who have a deep respect for our hotel partners and guests. That is something that can only come if you are committed to solving the problems that customers routinely face, and not just by focusing on increasing revenue. Now, we are operating in more than 100 cities and have an inventory of more than 20,000 rooms.
What is your suggestion to youths who want to become entrepreneurs?
I’m still building my company and I believe different things work for each person. One has to be patient and has to strive hard to achieve his/her target.