Rise And Rise Of OYO | Rise of Ritesh Agarwal | OYO Business Model #Documentary
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Timestamps:
0:00 Intro
0:32 Foundation Of Oyo
1:15 Journey Of Ritesh Agarwal From Small Town To CEO of Oyo
2:06 Competitive Edge Of OYO Over Others
3:50 Success Strategy Of Oyo
5:13 Generation Of Job Opportunities
6:13 Vision Of Oyo
If you are building a startup - Keep a microscope in one hand and a telescope in the other.” These are the words of the world’s biggest hotel king. It is none other than Ritesh Agarwal.
We all prefer hotels when we are going on a trip. Don’t we? But, a trust factor also generates when it comes to hotels and for Indians, the most talked-about hotel is #OYO. It has gained the trust of all the people, not just in the nation but all over the world.
Ritesh Agarwal, an 18-year-old school dropout, appeared to live his dreams by starting his first startup called Oravel. He has toured everywhere in the country and during such travels, he found the issue with hotels. At 17, he launched Oravel Travel, planned after Airbnb. Soon he found that the issue with budget hotels was greater than just availability, thus, after months of research and stays in different informal lodging homes, guest houses, and small hotels across India, he renamed Oravel to OYO in 2013.
Ritesh was born in Orissa to a business class family. He finished his schooling from Rayagada Orissa from Sacred Heart School. During his educational time, he works in an eccentric way when compared with others. He was always looking out for opportunities that make him learn from his mistakes. This ignited his affection for software and this began the journey of Ritesh Agarwal to #CEORiteshAgarwal.
He began to learn about programming with the books of his senior sibling. During this, Google turned into his closest companion and he figured out how to become familiar with a lot of things in the term of programming. When he was just eight years of age, he was able to create code. Till the time he was in tenth class, he was certain how to manage life.
The world’s fastest-growing hospitality brand from India, OYO offers tasteful spaces for its customers whenever they need and at a great price. But success never comes overnight. In the entire journey of becoming famous and successful, OYO struggled throughout and put effort into making strategies but never gave up. OYO always had a mission to provide quality living spaces for millions of middle-income people across the world.
The company always focused on what matters the most – delivering a great guest experience, making OYO their trusted hospitality partner. It started with the belief that all guests deserve a comfortable living space, and at the same time, location, and the price they are agreeable with.
The main reason behind OYO’s rise is their understanding of what their guests today want, like ubiquity, economy, and convenience in all services. When it comes to travel, this means having the ability to choose an accommodation option that is trusted, economical and available.
The most worked out reason for becoming the world’s 3rd biggest hotel chain in 6 years is their smart balance sheet and massive investments in China. In the mid of 2019, OYO had more than Rs 100 crores available to put towards its growth, complying majorly with its rapid success in China with a presence in 337 cities and over 500,000 rooms. A large part of its funds was invested in the business as the company always focuses on maintaining its growth across countries.
The main vision of OYO is to create a better living space for the people who are not able to afford expensive accommodation remains even today to what it was five years back.
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