Page 34 - Forbes - Asia (April 2019)

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THE RISE

A LOOK AT HOW SOME
OF OUR PREVIOUS LIST

MEMBERS ARE FARING.

Ritesh Agarwal, 25

FOUNDER AND CEO,
OYO HOTELS & HOMES
30 UNDER 30 DEBUT: 2016

ndian Ritesh Agarwal began his
entrepreneurial journey sell-
ing SIM cards while in the eighth
grade in his hometown in east-
Iern India. The 25-year-old college
dropout now dreams of dominating the
world’s budget hotel industry, spurred
by an early endorsement from PayPal
cofounder Peter Thiel and recent finan-
cial backing from Japanese billionaire
Masayoshi Son.
Founded by Agarwal in 2012 when
he was 19, Oyo franchises and leases
budget hotel rooms pooled from inde-
pendent property owners. The company
has amassed 515,000 rooms, making it
the world’s eighth-largest hotel chain by
rooms under management, according
to hospitality research firm STR.
To finance further expansion, Oyo
has raised over $1 billion in funding –
first from Son’s SoftBank in September
for $800 million, and then Singapore’s
ride-hailing giant Grab in December
for $100 million and China’s ride-hail-
ing major Didi Chuxing in February for
$100 million. Last month, Airbnb also
took a stake in Oyo for an undisclosed
amount. This staggered round valued the

30 | FORBES ASIA APRIL 2019