Learn how Millennial Ritesh Agarwal built a $5 billion startup in only 5 years
Ritesh Agarwal has been able to build his startup Oyo Rooms into a $5 billion company and he’s only 24 years old
Ritesh Agarwal isn’t your average 24-year-old. In fact, he’s anything but. Agarwal is a Millennial from India that has been able to build a $5 billion startup in only five years. If you’ve ever been to India, then you might have experienced the horrors of searching online for the right place to crash - only to find that the hotel room chosen is dirty and quite possibly filled with cockroaches. Agarwal’s company, Oyo Rooms, is now the solution to that problem.
The startup helps travelers easily find safe, clean, and affordable hotels via its app. Although Oyo Rooms started out in India, it has since launched to locations overseas, including areas of China and the U.K. Each one of the housing options offered through the chain has to adhere to certain quality standards and the company employs hundreds of people who evaluate properties on 200 factors. Factors range from water temperature to how clean the sheets are. Once approved, properties are added to the Oyo network and can be found via the Oyo app. The company takes 25% of every booking, which normally run anywhere from $25 to $85.
It’s pretty crazy that the app has been able to triple its transaction count in the last year, all without spending a dollar on advertising. Let us know if you have ever stayed in a Oyo hotel in the comments section below and be sure to subscribe to The Sitch for more startup news and other entertaining reads.