OYO is a hotelbooking company that links together a network of hotels. The main task of OYO is to make budget hotel customers easily accessible. The company is headquartered in Gurgaon, Haryana, India.
OYO Full Form and Details
|OYO Full Form||On Your Own Rooms|
|Name||OYO Rooms, OYO Hotels and Homes|
|OYO Headquarter||Gurgaon, Haryana, India|
|Founder & CEO of OYO||Ritesh Agarwal|
|OYO Founded||May 2013|
|OYO Service Areas||Asia, Europe and Americas|
|OYO Type||Privately Held Company|
|Old name of OYO||Oravel Stays (Orwell Stays) (in the year 2012)|
|OYO Rooms across||More than 80 nations|
|OYO Service Countries||India, UAE, Malaysia, Nepal, Indonesia, China, Brazil, Japan, Mexico, UK, Philippines, Saudi Arabia, Sri Lanka, Vietnam, the United States and more.|
Story of Ritesh Agarwal, Founder and CEO of OYO
Ritesh Agarwal was born on 16 November 1993 in Bissam Cuttack, Rayagada, Odisha. He completed his schooling from Secret Heart School, Rayagada. Ritesh Agarwal grew up in Kota, Rajasthan.
Biography of Ritesh Agarwal
|Born||16 November 1993|
|Ritesh Agarwal Birth Place||Bissam Cuttack town of Odisha state, India and brought up in Titilagarh.|
|Education||St. Johns Senior Secondary School|
|Collage||Moved to Delhi for college in 2011 but he dropped out of college|
|Awards||Thiel Fellowship in 2013|
|Profession||CEO OF OYO|
|Occupation||CEO and Founder of OYO|
|Fame||He is listed in the Forbes 30 under 30 list for Asia.|
|Net Worth||Net worth in 2020 was approximately $1.1 billion (₹7253 crore)|
|Billionaire Position||Second youngest self-made billionaire in the world after Kylie Jenner.|
He attended the Indian School of Business and Finance in Delhi but left to start his own company. He completed his schooling from Secret Heart School, Rayagada.
He used to sell SIM cards first, then started OYO in 2013, and when he started OYO he was just 19 years old.
The earlier name of OYO was Orawell Stages, which was intended to enable easy customer booking of hotels, but in 2013 the name was changed and renamed as OYO.
The company started tying up with hotels in all cities to deliver the guest experience. Today there are more than 17000 employees around the world and around 8000 in South Asia and India.
Today i want to tell the story of building OYO and the contribution of the legendary doctor himself, Dr. Naresh Trehan.
A lot of people don’t know that Medanta Medicity in Gurgaon had an important role to play in OYO’s early days around 2013/14.
7 years ago Ritesh spent most of my time travelling around Gurgaon signing up partners + driving up customer growth for our partner hotels since it was mostly me & a few other people building OYO.
Ritesh used to spend hours in the lobby at Medanta & noticed that patients & their families needed a reliable yet low – cost place to stay for the extended period of their treatment. Also, many patients came there from non-metro cities.
Along with the partner hotels in the area, we began offering families a safe & affordable place to stay while their kin received treatment.
Over the years, Medanta’s success led to many local businesses flourish in the area.
Dr Trehan and his contribution to medicine have saved many lives & Ritesh forever indebted to him for his support in my early days.
The picture from a time I visited him back in the day and continue to be inspired by how he has led India’s fight against COVID.
Awards and recognition:
Ritesh has been awarded with the following awards:
- Selected for 20 under 20 Thiel Fellowship: 2013
- Named one of the Top 50 Entrepreneurs of 2013 in Tata First: 2013
- Ranked in Forbes India’s 30 Under 30 in Consumer Tech: 2016
The full form of OYO is “On Your Own Rooms”. OYO company has many big investors like: Hero Enterprise, China Lodging Group, Didi Chuxing, Sequoia India, Airbnb, Lightspeed India, Greenox Capital and SoftBank Group.
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OYO has expanded its network with millions of rooms, thousands of hotels and holiday homes in India, UAE, China, Malaysia, Brazil, Nepal, UK, Japan, Mexico, Philippines, Sri Lanka, Vietnam, Saudi Arabia, Indonesia, USA spread out.
OYO Products and services:
- OYO Home
- OYO Townhouse
- OYO Vacation Homes
- Capital O
- Collection O
- YO! HELP
- OYO LIFE
- The company is currently valued at $8 billion (Hurun Valuation) [ The Hurun Global Unicorn Report 2020 ]
- The third most-valued Indian startup, after Paytm ($16 billion) and BYJU’s ($10.5 billion after its latest fundraise).
- In 2018, the company acquired Weddingz.in, a Mumbai-based online marketplace for wedding venues and vendors marking its entry into the fragmented $40 billion wedding industry.
- In April 2019, OYO announced a strategic global distribution partnership with bedbank Hotelbeds. The company also announced two joint-venture with Softbank and Yahoo!Japan.
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- In May 2019, OYO announced the acquisition of Amsterdam-based Leisure Group, Europe’s largest vacation rental company.
- In July 2019, OYO announced the acquisition of Innov8.
- In August 2019, Oyo made its first major investment in the United States by purchasing the Hooters Casino Hotel, near the Las Vegas Strip, in partnership with US-based real estate company Highgate, for $135 million.
OYO Financial results
- The six-year-old Oyo increased revenue to $951 million for the fiscal year 2019, from $211 million for the previous year.
- Losses climbed to $335 million, or 35% of revenue, from $53 million, or 25% of revenue, as the startup expanded into China and other new markets. India’s regulations require companies like Oyo to disclose their financials, but with lags that can reach about a year.
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The full form of OYO Rooms is On Your Own Rooms.
Ritesh Agarwal is the founder & CEO of OYO.
OYO was established in May 2013.
OYO’s services are in India, UAE, Malaysia, Nepal, Indonesia, China, Brazil, Japan, Mexico, UK, Philippines, Saudi Arabia, Sri Lanka, Vietnam, the United States and more countries.
Oravel Stays (Orwell Stays) This name was given to it in the year 2012, later in the year 2013, Orwell Stays was changed to OYO.
Ritesh Agarwal was born on 16 November 1993.
Ritesh Agarwal was born in Bissam Cuttack town of Odisha state, India and brought up in Titilagarh.
The Occupation of Ritesh Agarwal is the CEO and Founder of OYO.
Ritesh Agarwal’s Education St. Johns Senior Secondary School and moved to Delhi in 2011 for college but he is dropped out of college.