In a world where budget travel meant dingy lodges and unreliable bookings, OYO like a breath of fresh air has enter the scene by offering clean, affordable stays at your fingertips for road trips, last-minute getaways, or family jaunts across India.
Founded in 2013 by Ritesh Agarwal from Odisha, this hospitality disruptor has turned thousands of small hotels into a trusted chain with standardized vibes, app bookings, and prices that don’t break the bank.
In this blog we’ll delve into the story of OYO and its founder, Ritesh Agarwal.
About OYO
OYO, under Oravel Stays Ltd., started as a simple idea in 2013: help small hotel and home owners offer reliable, affordable stays to travelers everywhere. Founded by teenage visionary Ritesh Agarwal in India, it quickly grew into a global hospitality tech platform, using its app to standardize rooms with consistent quality, pricing, and amenities like clean beds and WiFi.
From its roots in India, OYO spread to Southeast Asia, Europe, the Middle East, and Latin America, partnering with thousands of properties to boost their revenue through smart tech for operations, branding, and bookings. Today, it goes beyond budget hotels into co-living spaces, student housing, vacation homes, and even corporate travel solutions
Meet the Founder
OYO’s journey wouldn’t be what it is today without the vision of its founder. Let’s take a quick gander at the brain behind the brand!
- Ritesh Agarwal
Ritesh Agarwal’s journey started in the small town of Bissam Cuttack, Odisha, where he was born on November 16, 1993, into a modest family. While still in school at Sacred Heart and St. John’s Senior Secondary, he began selling SIM cards at 13 to support himself. By 10th grade, he moved to Delhi for IIT-JEE prep but pivoted fully toward entrepreneurship.
At 19, Ritesh won the prestigious Thiel Fellowship, earning USD 1,00,000 from Peter Thiel to fuel his ideas. This led to Oravel Stays in 2012, a budget accommodation portal, and then OYO Rooms in 2013, transforming how small hotels and homes connect with travelers worldwide.
Today, Ritesh stands as the youngest Shark on Season 3 of Shark Tank India and earned a spot on Forbes’ “30 Under 30: Consumer Tech” list in 2016. By 2020, his net worth hit around USD 1.1 billion, making him the world’s youngest self-made billionaire per the Hurun Rich List, now at USD 2 billion.
Honored with awards like the Business World Young Entrepreneur Award and TiE-Lumis Entrepreneurial Excellence Award, he speaks at global forums, holds a Thiel Fellowship, and shares his story in the book Kaleidoscope: 25 award-winning short stories.
All You Can Do With OYO
OYO offers a comprehensive lineup that covers everything from quick budget stays to long-haul living and work setups, all tied together by smart tech that makes booking a breeze for guests and easier ops for property folks.
OYO offers everything from affordable rooms to premium suites. They’ve got reliable, standardized spots across budget to upscale, complete with loyalty perks like OYO Wizard to keep you coming back.
Core stuff includes OYO Rooms for no-fuss budget hotels, company-run Palette and Townhouse for top-notch control in business or leisure spots, OYO Life for monthly rentals, OYO Workspaces for flexible offices, and vacation homes via @Leisure.
OYO OS streamlines property management, OYO 360 helps new partners onboard, plus OTA boosts, Lite app, and Yo! Chat for quick support. For businesses, OYO B handles stays with meals and extras.
OYO’s Funding Journey
OYO has pulled in a whopping $3.47 billion across 21 funding rounds since its first back in November 2012, with the latest being a $58.9 million Series Ground deal on December 15, 2024, led by Red Spring Innovation Partner.
OYO boasts big names like SoftBank Vision Fund (their largest backer), Lightspeed India, and even Airbnb count among the 61 institutional investors, alongside 20 angel backers who bet early on Ritesh’s bold vision.
Breaking Down OYO’s IPO
OYO’s parent company, Prism is actively planning for its IPO in late 2025.
Afterword
OYO’s epic journey from Ritesh’s bold dream to a hospitality powerhouse proves how one spark can light up a revolution for millions. Cheers to turning rooms into revolutions with brains and hard work!