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Founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> has invested Rs 830 crore through his Singapore-based entity Patient Capital in <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword>'s latest <keyword id="20080855" type="General" weightage="20" keywordseo="funding-round" source="keywords">funding round</keyword> -- wherein the <keyword id="21745043" type="General" weightage="20" keywordseo="travel-tech-platform" source="keywords">travel tech platform</keyword> raised Rs 1,457 crore, sources said. Post the equity dilution in the <keyword id="22756111" type="General" weightage="20" keywordseo="Series-G-funding" source="keywords">Series G funding</keyword>, Agarwal's holdings will increase from 29.97 per cent earlier, to 32.57 per cent post the investment, sources told PTI. According to sources close to the transaction, "Ritesh has invested to protect his ownership dilution in OYO as well as a signal of confidence in the company's prospects. The investment is backed by Singapore-based family offices." <keyword id="20517346" type="General" weightage="20" keywordseo="Oravel-Stays-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Oravel Stays Ltd" meta.hostid="261" meta.entityid="Oravel Stays Ltd">Oravel Stays Ltd</keyword>, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round. The additional equity issuance was approved by 99.99 per cent shareholders in an Extraordinary General Meeting (EGM) held on August 8. The additional fundraise values the company at USD 2.4 billion, as the first Series G tranche issued to InCred in July. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The capital will be used to support OYO's growth and its global expansion plans, sources said.

Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

Travel tech platform <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword> reported <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2023-24 as the maiden profitable fiscal with a net earning of nearly Rs 100 crore, founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> said on Thursday. In a post on social media platform X, Agarwal said he sees growth ahead "not just in India" but also in OYO's other key markets of Nordics, South East Asia, the US and UK. "While a delighted customer or a hotel partner brings the biggest smile on my face, our first cut financials of FY24 have me humbled as well," Agarwal shared. "We had our maiden net profitable financial year at nearly Rs 100 crore. This was our eighth consecutive quarter of a positive EBITDA and we also have a cash balance of around Rs 1,000 crore," he added. He further highlighted that global credit rating firm Fitch has also taken note of OYO's improved performance and strong cash flows, upgrading its credit rating. "I see growth ahead not just in India with emerging travel trends such as premiumization, spiritual travel, business travel and conferences, destination weddings but also in our other key markets of Nordics, South East Asia, US and UK. FY25 will clearly be even more exciting," the OYO founder stated. He added that these are provisional numbers, but the audited financials will likely be close to these. Earlier this week, Fitch Ratings announced it has upgraded the rating of OYO parent firm Oravel Stays, citing the hospitality company's improved financial profile. Fitch upgraded Oravel Stay's long-term foreign and local currency issuer default ratings to 'B' from 'B-' with a 'Stable' outlook, according to a statement. It also upgraded the rating on the company's USD 660-million senior secured term loan facility due 2026 to 'B' from 'B-'. In FY24, OYO added about 5,000 hotels and 6,000 homes globally. It also reported a PAT (Profit after Tax) of Rs 99.6 crore (USD 12 million) and an adjusted EBITDA of Rs 888 crore (USD 107 million) for the whole fiscal year, up from Rs 274 crore (USD 33 million) in FY23. EBITDA -- Earnings Before Interest, Taxes, Depreciation, and Amortization -- is an alternate way of calculating profitability to net income. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

At ₹100 crore, OYO posts FY24 as maiden profitable fiscal: Founder

Young and restless: Zepto’s Vohra to Oyo’s Agarwal – meet India’s top self-made biz moguls

<keyword id="340376" type="General" weightage="20" keywordseo="ramesh-agarwal" source="Orion">Ramesh Agarwal</keyword>, the father of Ritesh Agarwal, Founder and Group CEO, OYO, has died after falling from the 20th floor of a high-rise located on the Golf Course Road in Gurugram. According to the police, whetehr he committed suicide or fell from the 20th floor accidentally will be known after a detailed investigation. Ritesh Agarwal said in a statement, "With a heavy heart, my family and I would like to share that our guiding light and strength, my father, Shri Ramesh Agarwal, passed away on March 10. He lived a full life and inspired me and so many of us, every single day. "His death is a tremendous loss for our family. My father's compassion and warmth saw us through our toughest times and carried us forward. His words will resonate deep in our hearts. We request everyone to respect our privacy in this time of grief." Further details are awaited.

OYO founder Ritesh Agarwal's father falls to death from Gurugram high-rise

Online learning platform <keyword id="6630114" type="UNKNOWN" weightage="20" keywordseo="unacademy">Unacademy</keyword> is now valued at $3.44 billion after the latest round of fundraising, where it got investments to the tune of $440 million. Over the last 18 months, the valuation of the <keyword id="9578177" type="UNKNOWN" weightage="20" keywordseo="unacademy-group">Unacademy Group</keyword> has risen almost 10 times, the company reportedly said in a statement. This was the Series H round of funding for Unacademy where Aroa Ventures, the family office of hotel chain <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword>’s Founder Ritesh Agarwal, and Deepinder Goyal, Co-Founder and CEO at Zomato, participated. Some angel investors of Unacademy have exited in this round. Aside from these, existing investors like General Atlantic, Tiger Global and <keyword id="3749718" type="PERSON" weightage="20" keywordseo="softbank-vision-fund">Softbank Vision Fund</keyword> put in more money.This is the second investment by Tiger Global, and General Atlantic who increased their stake in Unacademy in January this year. The different shades of India’s booming edtech The six-year old startup founded by Gaurav Munjal, Hemesh Singh and Roman Saini, Unacademy has a growing network of more than 50,000 registered educators and over 62 million learners, in 14 Indian languages across 5,000 cities. Unacademy is known for its offerings that help students prepare for competitive exams and it has been one of the biggest beneficiaries of the shift to online learning. Unacademy differentiates itself from Byju’s, which relies on pre-recorded content, and Vedantu that is known for its live-tutoring. India’s edtech industry, which had an annual revenue pool of $700 million at the end of March 2020, saw its business double in the following year due to the pandemic, according to data from Goldman Sachs. The global investment bank expects the entire edtech space to be worth $30 billion dollars by March 2024 as Indians spend the most on education, as a proportion of household consumption, after China. Unacademy has been acquiring other startups amidst an edtech boom Late last month, Unacademy announced that it has acquired game streaming platform <keyword id="11725251" type="UNKNOWN" weightage="20" keywordseo="Rheo-TV">Rheo TV</keyword>. Rheo TV is a platform that helps professional game streamers livestream their gameplays and monetise those feeds. In February, Unacademy acquired TapChief, a professional networking and "future-of-work" platform, at a valuation of ₹100 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/news/byjus-last-two-acquisitions-and-a-deal-with-disney-reveal-its-american-dream/articleshow/84783749.cms">Byju's last two acquisitions and a deal with Disney reveal its American dream ⁠— one that is anchored in India</a> <a href="https://www.businessinsider.in/personal-finance/news/six-red-flags-for-investors-to-avoid-becoming-a-victim-of-misselling-by-agents-or-financial-advisors/slidelist/84782913.cms">Six red flags for investors to avoid becoming a victim of misselling by agents or financial advisors</a>

The founders of OYO and Zomato pump in money to make edtech startup Unacademy worth $3.4 billion ⁠— a ten fold jump in 18 months

OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires

<ul><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival</a> is one of the world's most prestigious events which will be live from Oct 19-23.</li><li>While nobel laureates, some of the biggest political and corporate icons will provide thought leadership, it's a great platform to network with CXOs from around the world.</li><li><a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink">Global Trends Festival 2020</a> is presented by <a href="https://www.businessinsider.in/trendsfestival" data-type="tilCustomLink"></a><a href="https://aws.amazon.com/" data-type="tilCustomLink">AWS</a>.</li><li>Get your tickets now from <a href="https://in.bookmyshow.com/events/business-insider-global-trends-festival/ET00137578" data-type="tilCustomLink">BookMyShow</a>.</li></ul> A 13-year-old Ritesh Agarwal sold mobile SIM cards at his <a href="https://www.thegeniusworks.com/2020/05/the-rise-of-oyo-the-worlds-fastest-growing-hospitality-brand-from-india-offering-tasteful-spaces-whenever-you-need-them-at-unbeatable-prices/#:~:text=At%20the%20age%20of%2013,college%2C%20but%20soon%20dropped%20out.&amp;text=In%202018%2D19%20OYO%20raised,billion%20through%20Agarwal's%20own%20investments.">small town of Odisha</a>, Titilagarh. Six years later, in 2013, Ritesh Agarwal came up with a digital solution to integrate unbranded hotels, homes, and living spaces, which many called AirBnB with a twist. Today, the $10 billion startup, OYO, is a household name in India and one of the world’s largest hotel chains. And, the 27-year old Agarwal is one of the youngest billionaires in the world. Agarwal, the early bird, is reaping the benefits of embracing technology early, and wants to share his convictions about the power of technology at <a href="http://trendsfestival.in/" data-type="tilCustomLink">Business Insider Global Trends Festival 2020</a>. The pandemic is testing OYO’s mettle and Agarwal’s survival instincts In the last seven years, OYO has grown in leaps and bounds. It has over a million rooms in India, with their lease and franchise model. It has also expanded to China, US and Europe. The next phase was an aggressive growth strategy including takeovers and acquisitions including Leisure group, a rental company in Europe and Las Vegas Hooters property in the US. However, like anyone in the hospitality business will tell you, the COVID-19 pandemic has forced a reset. The backing from Softbank will be useful but recovering from the nearly-fatal blow of the pandemic will need more than just money. Does Agarwal have another secret key to success? Don’t miss the <a href="http://trendsfestival.in/" data-type="tilCustomLink">Global Trends Festival 2020</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/news/dont-miss-ajay-piramal-chairman-piramal-group-a-master-deal-maker-with-business-in-30-countries-at-the-global-trends-festival-2020/articleshow/78054719.cms" data-type="tilCustomLink">Don’t miss Ajay Piramal, a master deal maker with business in 30 countries, at the Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/deepak-parekh-chairman-hdfc-a-legend-from-indias-financial-capital-at-global-trends-festival-2020/articleshow/78012923.cms" data-type="tilCustomLink">Deepak Parekh, a legend from India’s financial capital, must be on your watchlist at Global Trends Festival 2020</a> <a href="https://www.businessinsider.in/business/news/benefits-and-extra-attractions-for-the-attendees-of-the-business-insider-global-trends-festival/articleshow/78037583.cms" data-type="tilCustomLink">Benefits and extra attractions for the attendees of the Business Insider Global Trends Festival</a>

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

<ul><li><keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, founder and CEO of OYO, has had quite a journey over the years. </li><li>He had founded the company when he wasn’t even 20. </li><li>Today, OYO is racing with speed to be one of the world’s biggest hotel chains.</li></ul>While he has not even attained 25 years of age, Ritesh Agarwal, the CEO of OYO has seen it all – popularity, business success and financial prosperity. He has made something unique at a time when others had not even thought of it – a hotel booking software that would assure room for anyone at their favorite hotel at competitive prices. Ritesh says, his success was not an easy one. Here are some interesting facts about Ritesh Agarwal that will inspire any reader. Ritesh Agarwal was not confident about his studies Ritesh doubted his own abilities to do well in college or working for someone. Hence he jumped into something like building OYO. He says, “I knew if I had gone to college, I would not have done well. And then my family would hate me. So I felt if my family was to hate me anyway, I would rather do what I feel very excited about!” He failed six times before succeeding Ritesh had once commented that he failed six times before he succeeded in his OYO venture. Ritesh says, “If you have not failed, you have not hardened yourself.” Hails from a simple family Ritesh hails from a family running a small local shop in Southern Orissa. If he had not chosen to take a different course for his life, he would have ended up overseeing the shop. Ritesh wanted to do something exciting. Every entrepreneur has a story behind him. He started working with SMEs and tried to bring them sales. It was only in his second venture, he started with making success that too slowly. Initially the VCs thought he was talking about real estate business Ritesh’s task of convincing the VCs to fund his venture was not an easy one. When he attempted to find a solution to the hotel booking process, something like OYO had not been built earlier. The investors asked if there was anything similar to what he was trying to build. While they all interpreted his venture as a real estate business, only two months later they all started when competition started building up. OYO had to climb a steep uphill The forward march of OYO into success was not easy as it sounds. Managing the component of predictability was a mammoth task for them. This challenge still continues. After they had standardized 45,000 rooms spread across 160 cities, managing the same set of facilities again and again, dealing with the issues that crop up, maintaining the 4* ratings on TripAdvisor and satisfying the customers on maximum deals were a tough job which they could manage efficiently with a lot of efforts. OYO has a favorable business scene in the international market Ritesh says OYO does not have an international competitor who will breathe down its way. So when it comes to discounting and cash burning, OYO possibly has the least amount of burning and so faces a favorable economics on its journey forward. See Also: <a href="https://www.businessinsider.in/unknown-facts-about-flipkart-founder-sachin-bansal/articleshow/70494717.cms">Flipkart founder Sachin Bansal</a> <a href="https://www.businessinsider.in/paytm-founder-vijay-shekhar-sharma-unknown-facts/articleshow/69941150.cms">Paytm Founder Vijay Shakhar Sharma</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-gautam-adani-that-you-should-know/articleshow/69900616.cms">Interesting facts about Gautam Adani</a>

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Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

PTI

At ₹100 crore, OYO posts FY24 as maiden profitable fiscal: Founder

PTI

Young and restless: Zepto’s Vohra to Oyo’s Agarwal – meet India’s top self-made biz moguls

Sourabh Jain

OYO founder Ritesh Agarwal's father falls to death from Gurugram high-rise

IANS

The founders of OYO and Zomato pump in money to make edtech startup Unacademy worth $3.4 billion ⁠— a ten fold jump in 18 months

BI India Bureau

OYO’s Ritesh Agarwal and Future Group’s Kishore Biyani did not make the cut this year to be among India’s richest billionaires

Prabhjote Gill

Watch out for OYO’s billionaire founder Ritesh Agarwal talking tech at Global Trends Festival 2020

BI India Bureau

Ritesh Agarwal: Interesting facts about oyo founder ritesh agarwal

BI India Bureau

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