Many youths dream to become millionaires by the age of 30 and to have all the luxuries of life. Ritesh Agarwal, a 26-year-old man is living this dream. The young man from India is not only a millionaire, however. He is actually the 2nd self -made billionaire (after Kylie Jenner) on the planet under the age of 30. His current wealth is estimated to be around $1.1 billion as cited in Hurun Global Rich List 2020. So here we have a look at how a college dropout from India who had just a few cents in his bank account became a billionaire in over six years of time.
Ritesh Agarwal: How did it all happen?
Born in Rayagada, India Ritesh grew up in a poor society. But then as they say you either live with it or do something about it. He did the latter. For him, it was more about solving real problems than making money. Before he knew it, one thing led to another. What started as an idea of redesigning a hotel and putting it up online to boost its reach soon created a chain of hotels which would be later known as OYO hotels. He then raised money from investors, hire employees and expand this chain of hotels worldwide.
OYO now has 43,000 hotels under its chain, which is remarkable in just six years of operation. Over the years it has also gained popularity in Nepal. Many hotels in Nepal now run under OYO as well, which shows the rapid expansion it has been making. Backed by Softback, OYO now over 800 cities across 80 countries with over 1 million rooms. Agarwal also met up with US President Donald Trump during his visit to India and the president was noted praising his work.
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OYO has made finding hotel rooms ever so easier. Now, you can just look up for hotel rooms on the internet and find the best pick for yourself. It also provides various promotional offers to its customers, which makes it even more attractive. However, OYO has been having various problems regarding its dealing with hotels. There have also been various protests over the years, which has been a downside to the company.
Ritesh Agarwal and his journey to becoming a billionaire with one simple idea which has created the 2nd largest hotel chain in the world is inspirational for any aspiring entrepreneurs out there.