Recently in an interaction, Ritesh Agarwal, CEO of OYO Rooms, shared that he does not identify as a shark. He also shared his success story with his famous company.
Amidst the burgeoning popularity of “Shark Tank India Season 3,” the esteemed panelists, or rather “sharks,” are seizing their moments in the spotlight. The newest additions to the cadre of investors have garnered considerable attention. Ritesh Agarwal, lauded for his congenial demeanor, and Deepinder Goyal, the mastermind behind Zomato, acclaimed for his razor-sharp focus, have particularly captivated audiences. In a recent exchange with IndianExpress.com, Ritesh, the CEO of OYO Rooms, disclosed that he refrains from identifying himself as a shark, while also recounting the genesis of his renowned enterprise.
Genesis of OYO Reflecting on the inception of OYO’s success saga, Ritesh shared with the publication, “Merely 18 years old and fresh out of high school, I embarked on this journey. Understandably, skepticism shrouded my aspirations initially. The notion of a youth ardently striving to effect positive change was met with skepticism. Despite crafting numerous cold emails, my endeavors were met with silence or reluctance to invest. It wasn’t until 2015 that a substantial investor finally materialized. In June 2013, I took the plunge with a solitary hotel in Gurgaon. Initially boasting a mere 20% occupancy rate, the establishment witnessed a meteoric rise to 80-90% within months of OYO’s intervention. That marked the inception of our odyssey. Presently, we extend our services to 17,000 hotels and 150,000 residences, a testament to our exponential growth. Through the passage of time, I’ve imbibed the significance of perseverance. I persisted, gradually transforming skeptics into supporters.”
Unveiling Ritesh Agarwal, the Architect of OYO Hailing from South Orissa, Ritesh Agarwal, an engineering aficionado, harbored an insatiable wanderlust, thus sowing the seeds of his brainchild.
When probed about his sentiments regarding a platform akin to Shark Tank India during his nascent entrepreneurial pursuits, he expressed, “I yearn for the existence of a platform akin to Shark Tank in my embryonic days. While some perceive Shark Tank as a rendezvous for entrepreneurs and investors to forge alliances, I believe its impact transcends these realms. Millions now perceive entrepreneurship as a viable avenue. Aspiring entrepreneurs glean insights from the comfort of their homes. Embracing risk is heralded, potentially propelling India towards becoming a developed economy.”
Regarding his personal ethos as a “shark,” Ritesh elucidated, “Personally, I eschew the ‘shark’ moniker, leaning towards identifying with a dolphin, perhaps. My motivation in joining the show was straightforward: to champion entrepreneurs. This remains my guiding principle, and Shark Tank has not faltered in this regard. While innovative concepts hold value, I staunchly believe that the integrity of the founder eclipses all else. In the realm of entrepreneurship, the individual steering the ship holds precedence over the vessel itself.”
