Ritesh Agarwal OYO CEO On Shark Tank India S3: 'I Don’t Like To Call Myself A Shark, More Like A Dolphin'
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.
New Delhi: The ‘sharks’ on ‘Shark Tank India Season 3’ are getting their moments as the show's popularity among viewers grows. Particularly, there has been a lot of interest in the new "sharks" arriving this season. Ritesh Agarwal has received praise for his amiable manner on the show, while zomato founder Deepinder Goyal has received recognition for his laser-sharp attention. Recently in an interaction with IndianExpress.com, Ritesh, CEO of OYO Rooms, shared that he does not identify as a shark. He also shared his success story with his famous company.
How OYO Began
Speaking about the beginning of his success story with OYO, Ritesh told the publication, “I was just 18, right out of high school when I was starting. So naturally people did not take me seriously at first. They thought a young person was very interested in trying to make a positive difference, but they were not sure if I would be able to do it. Back in the day when I wrote cold emails, nobody would respond or was not willing to invest. I finally got a big investor in 2015. Before that, in June 2013, I started with one hotel in Gurgaon. It had 20 per cent occupancy before OYO came about, but in a few months, the occupancy grew to 80 to 90 per cent. That was the starting point. Today we serve 17,000 hotels and 1,50,000 homes, so it has grown. Over the years, I have learned that consistency matters. I did not give up, and slowly more critics started becoming believers.”
Who Is Ritesh Agarwal, OYO Founder
Originally from South Orissa, Ritesh Agarwal studied engineering, but as a young man, he had a passion for travel, which was how his company was founded.
However, when questioned if he had hoped for a site similar to Shark Tank India at the time, he stated, “I wish there was something like Shark Tank back when I started. Some people may see Shark Tank as a show for founders and sharks to meet and get an investment. But I think the show makes a bigger difference beyond this. Crores of people now see entrepreneurship as a legitimate opportunity. People are learning how to become founders in their living rooms. Risk-taking is encouraged and that can make India a developed economy.”
Ritesh also described his strategy as a "shark" and said, “I personally don’t like to call myself a shark. I am more like a dolphin probably. When I was coming to the show, my motivation was very simple, I want to support founders. This has been my goal and Shark Tank has not disappointed me. Great ideas are valuable, but more than that it is the founder and person behind the company that matters. I believe the jockey is more important than the horse.”
Meanwhile, ‘Shark Tank India S3’ airs on Sony LIV Monday to Friday, 10 PM.
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