HOW OYO ROOMS BECAME SUCCESSFUL

Hardly there’s any person in today's world who does not know about the story of OYO rooms. This hospitality company has gained this much expansion and influence. The growth of OYO Hotels & Homes has been phenomenal. It started out in April 2013 and since then, the growing rate of OYO Hotels & Homes has been phenomenal. It became the world’s third-largest and one of the fastest-growing chains of franchised hotels and living spaces. OYO has undoubtedly come a very long way. 


OYO basically stands for ‘On Your Own’. This platform has eventually become synonymous to budget-friendly rooms. People are aware about the platform for its affordable accommodation services. The company has been gaining distinctive achievements ever since it came into the market. After Kylie Jenner, the founder of OYO, has achieved the title of youngest self-made billionaire in February 2020. 


Story of OYO Rooms


Now, let me elaborate the story of OYO rooms. A college drop-out, Ritesh Aggarwal, always had the intention to start something on his own. In 2011, He came up with the idea of Oravel stays, when he was at the mere age of 17. It was later re-launched as, what we know today, OYO Hotels & Homes in the year 2013.

 

Born in Rayagada, Orissa, Ritesh Aggarwal went to the Sacred Heart School in Rayagada. He was inclined towards computers, software and coding right from his school days.

 

  • In 2009, Ritesh, with an intention to get into a top IIT college, left for Kota. He gave up on his coding dream when he realised that Kota wasn’t a place to learn coding. He started working on a book as he was left with a lot of spare time. The book was ‘Indian Engineering Colleges: A Complete Encyclopedia of Top 100 Engineering Colleges’.  

 

  • He scored a position among the 240 students who were among the selected Camp of the Asian Science held at the Tata Institute of Fundamental Research (TIFR) in Mumbai.

 

  • Selected amongst the top 20 students under the age of 20 years, Ritesh received the Thiel Fellowship. In order to  create a start-up, he received $100,000 over two years along the resources and assistance to drop out of the college.


You can also Read More Start Up Stories

 

Ritesh used to travel a lot and stayed at various hotels and that is how he got an idea about the startup by looking and realizing about the extremely poor hospitality facilities and services at different hotels.

 

He was deeply motivated  after that to form an accommodation system where people can get the high quality rooms, food, staff, and other services in a particular  budget. Inspired by Airbnb’s model, he created Oravel Stays in 2011.

 

Success of OYO

OYO did not reach its peak and  became a success overnight. It also had to see its share of rainy days and some sequence of events. After starting, OYO in 2013 started to acquire rooms in various hotels across the country and transformed them accordingly into OYO. Making accommodation facilities good and affordable for its people, was the main aim of the company. OYO has seen continuous growth after the year 2013.  


 This was all about the story of OYO rooms.
Location: Noida, Uttar Pradesh, India

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