A story of a young boy named Ritesh Agarwal, in the year 2009 he left Kota with an intention to get inside top IIT colleges. Later he found that Kota was not the place for coding so gave up coding. He had left with no time so he decided to work for a book named “INDIAN ENGINEERING COLLEGES: A COMPLETE ENCYCLOPAEDIA OF TOP 100 ENGINEERING COLLEGES”. This book was an ultimate hit.
At the age of 13, he started selling SIM cards, at the age of 16 he was one among 240 candidates selected for the Asian science camp held at Tata institute of fundamental research in Mumbai. At the age of 20, he was one among 20 students receiving the Thiel fellowship. He also received a sum of $100000 over 2 years as well as guidance and resources to drop out of college and get along with a start-up.
As Ritesh was in a position to travel to many places he has to stay in many hotels he saw very poor hospitality he got at different places. This motivated him to create an accommodation environment where people can get good hospitality with the best rooms, food, staff, and other needs at an affordable cost. Ritesh created Oravel Stays in the year 2011, a conglomeration of breakfast with bed stays, which he got inspired by Airbnb’s service.
“Leaders shouldn’t just build and accumulate wealth but give back to society.” – Ritesh CEO, OYO ROOMS
In the year 2013, Oravel stays relaunched as OYO Hotels & Homes in order to create India’s longest chain of affordable, standard hotels. We cannot find a person who is not aware of OYO. It is just because of the hospitality and the service of the company. The company’s growth was extraordinary than expected. Starting in the year of April 2013, and standing at the 3rd position in the largest and fastest-growing chain with leased and franchised hotels, OYO has come a long way. Ritesh Agarwal was achieved by being the world’s youngest self-made Billionaire after kylie Jenner in 2020. With this company has to face challenges as well.
But OYO’s success was not overnight. They underwent many rough paths and faced many challenges. The company’s business was impacted also because of the covid outbreak. Then the company decided to acquire rooms across the country. Their aim was to provide good accommodation at an affordable price. OYO had consistent growth right from 2013. first, it started with India after 8 years it is getting operated in 800 cities across 80 countries in the world. The company started its international lead with Malaysia in the year 2018.
Then OYO entered the markets of China, USA, UAE, Indonesia, and many others. by the year 2018, the company became a 100% leased and franchised hotel with a global record of 75 million in 2018. With 6x than 2017. Collecting the revenue of $211 million. But the company didn’t release its recent annual report yet. In the year 2019, it generated a revenue of $951 million. With an increase of $741 million dollars.
More than 43000 hotels are registered under OYO. The company holds 130000 homes around the world. OYO means “On Your Own”. Like all other businesses, even OYO’s hospitality had a great outbreak because of covid. Rites Agarwal reports that revenue and occupancy went down by 50-60% by April 2020. He also says that global partners incurred loss and a huge drop in revenue of 75%, resulting in reducing 25% of the payment to the employees. OYO’s other services include OYO townhouse, Silvery key, Collection O, Capital O, OYO home, OYO weddingz.in, OYO life, OYO workspace.
“Instead of freaking out about these constraints, embrace them. Let them guide you. Constraints drive innovation and force focus. Instead of trying to remove them, use them to your advantage.”
To read next bog click here
Want to Explore Fashion? Click here
Comments are closed.