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Ritesh Agarwal Net Worth: CEO And Founder Of OYO Rooms
Here we are talking about Ritesh Agarwal net worth, career, and disputes while struggling.
Ritesh Agarwal Net Worth
Ritesh Agarwal net worth of around $1.1 Billion (Rupees – 8,795 Crores), Ritesh Agarwal is one of the youngest and richest individuals in India. Ritesh Agarwal, originally from India, started his own company, On Your Own Rooms, and serves as its CEO (OYO Rooms). As a result of the effects of COVID-19, Ritesh Agarwal has seen a decline in his net worth and is no longer a billionaire. Ritesh proudly surpassed the previous Indian young millionaire by 2021.
Last 5 Years’ Net Worth Trend
|Ritesh Agarwal Net Worth in 2022||$1.1 billion|
|Ritesh Agarwal Net Worth in 2021||
|Ritesh Agarwal Net Worth in 2020||
|Ritesh Agarwal Net Worth in 2019||
|Ritesh Agarwal Net Worth in 2018||
Early Life Of Ritesh Agarwal
Ritesh Agarwal grew up in the city of Titilagarh after being born into a Marwari family in Bissam Cuttack, Odisha, India. Ritesh grew up in Rayagada, a city in the state of Odisha, where he attended and graduated from Sacred Heart School. His family owned a small shop there. He began selling SIM cards at the tender age of 13. He attended St. Johns Senior Secondary School on Bundi Road in Kota, Rajasthan, and then relocated to Delhi in 2011 to continue his education. After foregoing further education, he was awarded the 2013 Thiel Fellowship.
Please check out our previous article on Vicky Kaushal net worth.
Career Life of Ritesh Agarwal
For those on a tighter budget, Agarwal also created the hotel booking website Oravel Stays. It was one of the 2013 Thiel Fellowship winners and subsequently received a grant of $100,000, after being accepted into the accelerator program by Venture Nursery in September of that year. In May 2013, the company was established under the name OYO Rooms. The company had collected $1 billion by the end of September 2018. It was reported in July 2019 that Agarwal had invested $2 billion in the company, increasing his ownership.
According to the List of 2020, his wealth was estimated to be about $1.1 billion (7253 crores). By February 2020, he had surpassed Kylie Jenner as the youngest self-made billionaire in the world. He is one of Forbes’ 30 Asians under 30.
Agarwal, through his company OYO, signed agreements with US hotel owners in which the owners’ buildings would be rebranded under the OYO name in exchange for compensation and a guarantee of income, but he failed to disclose that OYO was not authorized to operate a franchise business in California, which resulted in a $200,000 fine from California regulators in March 2019. Washington state issued a cease and desist order against OYO after discovering the corporation made proposals to numerous hotel owners and managers without being legally allowed to do so.
A businessman from Chandigarh filed a case in Dera Bassi against Agarwal for fraud and conspiracy under IPC 420, 120 B in September 2020. Ten thousand Indian hotel owners spoke out against OYO. They claim that OYO collects up to 50% of hotels’ earnings in the form of fees that aren’t made clear until after hotels sign up with OYO. Hotel owners in Bangalore, Mysore, and elsewhere in Karnataka have reportedly filed fraud complaints against OYO with local authorities in October 2019. However, the latter won an appeal to have one case stay in Bangalore.
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