Shark Tank India's richest shark runs a company worth Rs 80,000 crore.
Shark Tank India is a business reality television show where budding entrepreneurs from India pitch their business model to a panel of investors and persuade them to invest money in their ideas. The popular reality show is back with its third season and has introduced many new sharks. Today we'll talk about the richest shark of the season who became a millionaire at 22.
The Indian entrepreneur we are talking about is the second youngest self-made billionaire in the world and runs a multicrore company which he started at 22. He is a small-town boy who proved that education does not guarantee wealth. He is none other than Ritesh Agarwal, founder and CEO of Oyo Rooms.
Born in 1993 in a Marwari family in Cuttack, he finished his schooling in Odisha before moving to Delhi for higher studies. While he was in college, at 18, Ritesh started a company Oravel Stays which provided affordable stays to the people. Being a college dropout qualified him for the Peter Thiel fellowship, which got his venture a grant of USD 100,000, which comes out to around Rs 80 lakhs following which he launched it as Oyo Rooms.
When he dropped out of college, Ritesh Agarwal didn't dare to tell his parents because he feared that he would be called back. He then started selling SIM cards for his survival. Now, he has a team of thousands of employees who are IIT and IIM graduates and became the youngest millionaire at the age of 22.
Ritesh Agarwal started Oyo Rooms in 2013 and the company grew rapidly, raising $1 billion in funding in September 2018. In July 2019, he bought back shares worth $2 billion from other investors in a deal that put the valuation of the company at a massive $10 billion. The company leases and franchises hotels and homestays around the world and currently has over a million rooms in 800 cities across 80 countries. In 2021, The Economic Times reported the company’s total assets to be over $1 billion (Rs 80,000 crore approx).
Ritesh is now 29 years old and according to Money Mint his net worth is over $2 billion (Rs 16,462 crore) making him the richest shark on Shark Tank India 3. Apart from him, other sharks include Aman Gupta (Rs700 crore), Amit Jain (2900 crore), Anupam Mittal (Rs 185 crore), Namita Thapar (Rs 600 crore), Vineeta Singh (Rs 300 crore), Peyush Bansal (Rs 600 crore), Deepinder Goyal (Rs 2030 crore), Azhar Iqbal (Rs 500 crore), Ronnie Screwvala (Rs 12800 crore) and Radhika Gupta. The show is scheduled to start streaming on January 22 on SonyLIV.
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