ABP Ideas Of India: "Young India is changing, Young India is dreaming of better, bigger things."


Ritesh Agarwal, the CEO and founder of OYO, had an insightful discussion on Day 2 of ABP Network's Ideas of India Summit during a session chaired by author Chetan Bhagat as they spoke about the changing landscape of India’s consumer requirements.


The session was title 'Small Towns, Big Dreams: Why Entrepreneurship Matters'.


Talking about the impact of Covid-19 on travel and tourism, Agarwal mentioned how their data for the last few weeks show that their services are being used mostly in temple states, contrary to any other perception. He recalled how finding an accommodation at these places was tough when he went there as a kid with his parents.


The idea that sprouted in his mind was to be able to provide cheaper, accessible hotels to everyone. The rationale behind it, he said, was to make it a non-judgemental process.


"We are part of the solution,” he said while talking about the real-time problems, such as some people being denied rooms on the basis of profiling.


Session chair Bhagat pointed out how it is difficult for a man and a woman, who are not married to each other, to find a room in many hotels even though they are a mather and son or a brother and sister.


Agarwal said he firmly believes that all new digital companies are now breaking barriers and most entrepreneurs have done this because there is a recognition of problems that need solutions.


Recollecting his journey from being a 19-year-old dropout from Rayagada in Odisha to winning the prestigious 100-million Thiel Fellowship, Agarwal mentioned how he wanted to give it a try for his own sake and to not live with the regret of not having tried. 


Elaborating on the lessons he learnt as a part of the process, he revealed that his key learnings were to think big without constraints, be naive enough but to not end with it and the value of talent that led him to realise that if you can dream it, you can do it.


'As entrepreneurs, we are designed to be eternal optimists' 


Travel and tourism came to a halt due to the impact of the pandemic in 2020. When asked how his company survived the onslaught of a pandemic amid already turbulent times within the company, Agarwal said that a business is made up of highs and lows. The pandemic came at a time when they were already plagued with certain growth challenges. What helped sustain it was optimism, he said.






“As entrepreneurs, we are designed to be eternal optimists”, he said.


Agarwal said he established four things that helped him see things through: Innovation, Care, Cost and Competency.


While COVID was challenging, Agarwal said, OYO would be the biggest benefactors of travelling now that things are slowly coming back to normal. What is needed to understand the needs of a dynamic consumer and to establish that recall value for a loyal customer base, which now ranges from OYO rooms being used as community centres and celebrations to a man having rented it for 150 days during Covid.


'Reduce the noise from the signals'


When asked of the lessons that he has learnt, Agarwal said learning from bad times helps in keeping you hopeful for the better times and that there should be active encouragement to the people so they are able to look at a bigger picture to dream big. In order to deal with critique, Agarwal advised young people to reduce the noise and focus on the signals so that they can improve.


For companies like his, he believed that they have been successful in bringing a shift in the Indian consumer behaviour and usecase.


"One should at least try, one can fail at anything, there is risk everywhere. Young India is changing, Young India is dreaming of better, bigger things and not just the best thing in Odisha but the best in India chasing, the best in the world. They have the resources, they have the wherewithal, only have to give them a gentle push," Agarwal said.


Ending the discussion on a lighter note, when asked by Chetan Bhagat on what kind of values does he seek in a prospective partner, both personally and professionally, a visibly shy Agarwal answered that the qualities that matter are that both the partners challenge each other to be better versions of themselves, that there is alignment and appreciation with regards to what is being expected and ended it with a beautiful note saying that what matters is the
ability to dream–to look at the stars and know that there is still so much that can be done.


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