Ritesh Agarwal, the visionary behind OYO Rooms, credits a deep-seated passion for entrepreneurship, rather than purely financial motives, as the driving force behind his global hospitality giant. Agarwal, an Indian billionaire entrepreneur, has steered OYO, now operating under its parent company PRISM, to significant milestones, including recent profitability and an upcoming initial public offering (IPO) expected to raise billions. His journey began by identifying a critical gap in the budget accommodation sector, transforming personal frustrations into a worldwide business model. ### From Humble Beginnings to Hospitality Disruptor Ritesh Agarwal, born in 1993 in Bissam Cuttack, Odisha, grew up in a modest Marwari family that ran a small shop. His early exposure to business realities shaped his entrepreneurial spirit.^[1][2] Agarwal demonstrated a keen interest in technology, learning to code in elementary school.^[3] This early curiosity fueled a desire to create and solve problems. At just 17, Agarwal chose an unconventional path, dropping out of college to pursue his ambitions.^[1][2] His decision was a calculated risk, driven by a clear vision to revolutionize the hospitality industry. He initially founded Oravel Stays in 2011, an online platform for listing budget accommodations, similar to Airbnb.^[4][1][2] In 2012, Oravel Stays received acceleration through the Venture Nursery program.^[5] The following year, in 2013, Agarwal earned a prestigious Thiel Fellowship, a program by PayPal co-founder Peter Thiel, which provided a US$100,000 grant.^[5][4][3] This pivotal moment allowed him to pivot his business model. He rebranded Oravel Stays into OYO Rooms in May 2013, focusing on standardizing budget hotels across India.^[5][4][1][2] He aimed to address the inconsistent quality and unpredictable services he experienced as a teenage traveler.^[1][2] ### Building a Global Brand and Financial Milestones OYO Rooms rapidly expanded, evolving into one of the largest hospitality chains globally. By September 2018, the company had raised US$1 billion in funding.^[5][4] The brand extended its presence internationally, venturing into countries like China, Indonesia, the UK, the US, Europe, and Southeast Asia in 2018 and 2019.^[4][1] As of January 2020, OYO boasted more than 43,000 properties and 1 million rooms across 800 cities in 80 countries.^[4] In July 2019, Agarwal significantly increased his stake in OYO, purchasing US$2 billion in shares and tripling his ownership.^[5][6][7] This deal reportedly valued the company at $10 billion at the time.^[7] Agarwal was recognized on the Forbes 30 Under 30 list for Asia.^[5][8] While OYO's valuation experienced fluctuations, dropping to $2.5 billion in June 2024, it has shown signs of recovery. A secondary stake sale in late 2024 suggested a valuation of around $3.9 billion.^[9] As of January 3, 2025, OYO's latest valuation stands at approximately ₹36,000 crore, or about $3.65 billion. R^[10][11]itesh Agarwal's personal net worth was estimated at $225 million (₹1,900 crore) in 2024, and around $2.1 to $2.3 billion (₹17,000 crore) as of 2025, making him one of India's youngest self-made billionaires. ### ^{[5][12][8][6]}Path to Profitability and Public Listing After years of growth and investment, OYO achieved a significant financial turnaround. The company reported its first-ever profit after tax (PAT) of ₹229 crore for the financial year 2023-24. This fo^[5]llowed eight consecutive quarters of positive adjusted EBITDA, which grew by 215% to reach ₹877 crore in FY24, up from ₹277 crore in FY23. The company^[5]'s revenue in 2024 was $645.27 million, or ₹5,540 crore. For the firs^[9][10]t quarter of fiscal year 2026 (Q1 FY26), OYO, under its parent PRISM, reported a PAT of over ₹200 crore, more than double the ₹87 crore recorded in Q1 FY25. Revenue for Q1 FY^[13]26 also saw a 47% year-on-year increase, reaching ₹2,019 crore. The company's full ^[13]financial year 2025 revenue rose 16% year-on-year to ₹62.53 billion, with net profit after exceptional items increasing by 6.6% to ₹2.45 billion. OYO's parent company, ^[14]PRISM, secured shareholder approval in late December 2025 to raise up to ₹6,650 crore (approximately $742.04 million) through a fresh issue of equity shares as part of its proposed IPO. The company plans to list^[5][14][13] on the BSE and NSE platforms, with the IPO expected to open in the first week of December 2025. The IPO is targeting a va^[15]luation between $7 billion and $8 billion. ### The Driving Force Be^[16][14]yond Finance Agarwal's entrepreneurial journey exemplifies a drive that extends beyond mere financial accumulation. His early experiences, including selling SIM cards and working for free for startups, instilled a deep understanding of business fundamentals and the satisfaction of problem-solving. "I wanted to surround mys^[3]elf with smart people and do whatever was required," Agarwal once said, reflecting on his early career. He focused on building a^[3] company that solved a "real indigenous problem" in India, rather than just copying Western models. This commitment to addres^[3]sing a genuine market need for standardized, affordable accommodations fueled OYO's creation and subsequent growth. His leadership and vision^[1][2] have been critical to OYO's success, making it a global brand and a leader in the budget hospitality industry. Agarwal's story continues^[12] to inspire aspiring entrepreneurs worldwide, showcasing the power of innovation and persistent spirit. The company's strategic ^[8][1]focus on expanding its presence in key international markets and its prediction that spiritual tourism will drive India's industry further highlights this forward-looking, problem-solving approach. Ritesh Agarwal's journey^[5] with OYO underscores how a relentless entrepreneurial spirit, grounded in addressing real-world challenges, can build a multi-billion dollar enterprise and reshape an entire industry.

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