College dropout at 18, millionaire at 22. Read the story of Ritesh Agarwal of OYO rooms

Ritesh Agarwal : Founder, OYO Rooms

It is trust deficiency that OYO is trying to combat, says @oyorooms @riteshagar #ForbesIndia30Under30

At 18 years @riteshagar founded @oyorooms,1st budget hotels space in India. Know more at #ForbesIndia30Under30

At the age of 18, an enterprising college drop-out Ritesh Agarwal pioneered Oravel, the oldest startup in the budget hotels space in India. In a span of barely five years, his venture – now called OYO Rooms – became the largest branded network of budget hotels in India , with over 4,000 hotels in more than 160 cities.

OYO Rooms follows a simple yet relevant model. It partners with hotels to standardise rooms under the OYO Rooms brand, pledging to provide standardization on 30 measures in each room, including free wifi and breakfast, flat screen TVs, spotless white bed linen of a certain thread count, branded toiletries, etc. The firm even supports hotel owners by training their staff in house-keeping and services, uniformity of supplies and technology integration. The standards are audited every few days so that every customer is assured a quality experience. “Every week, I go to an OYO Rooms hotel to get a first-hand experience,” he shares. All this scrupulous attention to detail is to ensure that the traveller experience is the same across cities.

Working on a commission model, which entails an average of 20% on the total booking value, his business has met with great appeal.Investors, including the likes of SoftBank, Green oaks Capital, Sequoia Capital and Light speed India and several angel investors, have pitched in over $125 million.

At the end of the day, Ritesh believes that no Indian traveller deserves to face nightmarish lodging and boarding experiences while travelling, no matter what he pays. “It is this trust deficiency that OYO is trying to combat,” concludes Ritesh, explaining the motivation behind his most exacting standards.