Yes, it is a saying that talent never deserves any recognition, if you have any talent, then you can go a long way through it and you can also inspire other people with your work. This thing has been proved by a 23 year old boy. Who has achieved a new position by looking at poverty very closely and considering the struggle as his destination. Sometimes the one who is unable to pay even for the rented room can become the founder of a big company. Let’s know about this interesting and inspiring story.
The age in which children think about their future i.e. career and at the same age a 17-year-old boy came up with such an idea, which probably no one thinks or does at this age, here we are talking about Ritesh of Orissa. Agarwal, who became the CEO of a branded company at the age of just 18, despite completing his college studies. After achieving such a huge success at such a young age, he is included in the list of successful businessman.
Ritesh was right in studies since childhood, especially a lot of interest in coding. And started his coding skills from the age of just 8 and at the age of 16, Ritesh was selected for the Asian Science Camp organized at Tata Institute of Fundamental Research, Mumbai. In which after considering the problems of a particular area, its condition is found out with the help of science and technology.
Business idea-
Actually Ritesh was right in his studies and he was very fond of traveling since childhood. And in such a situation, wherever he went to roam, searching for rooms for rent, taking them in a cheap budget, seeing the security and quality of the room etc., started finding him a problem in itself.And while traveling, an idea came to mind that why not give such a startup to the people, in which they (people) do not have to face all these problems and everything can be available to them on a single platform. But little did he know that his idea could make him a successful business man.
Establishment of a company named “Oraval-Stay” –
To turn this idea into reality, Ritesh started work on it and named it “Oraval-Stay”. The main purpose of which was to provide hotels to the travelers at low prices for a short period of time. In order not to waste much time in room searching, the facility of online booking was kept in it, although the facility of online booking was present in India at that time.
Received 30 lakh fund from company venture-
Considering its budget, time, convenience and security, “Oraval-Stay” got a good startup platform and people appreciated this initiative very much. In view of this unique initiative, a fund of 300000 was also received from VentureNursery, the company that started the startup. As soon as this fund is received, Ritesh’s wings have taken flight. And became even more eager to grow his company.
During this time, Ritesh participated in the global competition organized by the Thale Foundation and on getting the top position, he got an amount of about 66 lakhs in the form of fellowship. And by investing this money in his company, he started the company even better. But unfortunately the business model failed to deliver the desired profit due to which the company “Oravel-Stay” gradually went into loss.
Establishment of Oyo Rooms
With the resolution of the proverb “If you try not to succeed, then experience definitely gives” did not give up and came forward and bigger and came up with the idea to set up OYO Rooms. The purpose of this OYO Rooms is not only to provide rooms in the hotel to the travellers. But also the quality of the facilities provided in the hotel had to be taken care of.For this the company has set some standards. Ritesh’s idea was so successful that within a few days, around Rs 4 crore was received from Light Speed Ventures Partners and D S G Consumer Partners, Singapore to take the company further.
And within just 10 months, the turnover of the company reached $ 80 million. Lightspeed Venture Partners together with Sequoia Capital invested another 360 million in Ritesh’s company Main. After that the company got funds one after the other. Due to which today the total valuation of Oyo Room is beyond 70 thousand crores.
And what is the craze of Oyo today, we all know very well that today main Oyo has a chain of more than 15000 hotels and with 100000 rooms, the country’s largest company providing rooms to people at comfortable prices and prices. It’s done. And with this achievement, today Ritesh Agarwal is included in the line of young entrepreneurs who have built an empire of 70 thousand crores at such a young age.
According to the information, Oyo has become a leading company by establishing its empire by establishing its presence in more than 800 Sourav of 80 countries.
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