Agarwal, a college dropout, launched Oyo as a hotel aggregator in 2013 and has the backing of SoftBank.
Agarwal was the youngest in the list last year when his net worth was Rs 7500 crore
He was the second in the list of wealthiest startup founders in 2019.
The self-made billionaire was praised by US President, Donald Trump, when he was visiting India earlier this week.
Despite a string of negative publicity, Oyo founder Ritesh Agarwal has been named the youngest Indian in the rich list with a networth of $1.1 billion (Rs 7,800 crore) according to Hurun Global Rich List 2020. Interestingly, his net worth has increased by Rs 300 crore since last year.
The self-made billionaire was praised by US President, Donald Trump, when he was visiting India earlier this week. Trump called Agarwal a ‘brilliant businessman’ and asked him how many hotels he has. To which Agarwal replied, 330 and worldwide 40,000. Trump, added, “That’s fantastic. I actually know of your company. Good job.”
Agarwal was the youngest in the list last year when his net worth was Rs 7500 crore, with the Oyo boss being second in the list of wealthiest startup founders in 2019.
Agarwal, a college dropout, launched Oyo as a hotel aggregator in 2013 and has the backing of SoftBank. It has become the largest hotel chain in India and has expanded to China, the US and Europe.
This comes as good news for the 26 year old entrepreneur who has been in the eye of the storm for the past few months.
Earlier this week, the Competition Commission (CCI) had ordered a detailed probe against MakeMyTrip and Oyo for allegedly indulging in unfair business practices, on a complaint filed by the operator of Treebo Hotels. This is the second time in less than six months that the fair trade watchdog has called for an investigation against the two entities after finding prima-facie evidence of violation of competition norms.
The company reported consolidated revenue of $951 million, up from $211 million in the previous fiscal, while India revenue was $604 million. Oyo, which is laying off staff across the globe including India as it struggles to rein in costs, said losses in its home market went up to $83 million in FY19 from $50 million in FY18.
Hurun Global Rich List 2020 announced that India has 137 billionaires in 2020 including 34 new billionaires this year. Mukesh Ambani of Reliance Industries topped the list with $67 billion in networth, minting Rs 7 crore every hour. Ambani is also the ninth richest in the world which is topped by Jeff Bezos of Amazon with $140 billiion
The second in the list is SP Hinduja family ($27 billion), Gautam Adani (a little over $17 billion), Shiv Nadar & family (close to $17 billion), and Lakshmi Mittal with over $15 billion in networth.