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How A Sim Card Seller Went On To Build A $10 Billion Company

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Ritesh Aggarwal is a successful example who showed that formal education is not the only key to reach heights. A few years ago Ritesh Agarwal, the founder of OYO Rooms, used to sell SIM cards in a small town in Odisha. But today one of the sharpest entrepreneur in the world, having a net worth more than 8000 Crore Rupees.

How a Sim Card Seller Went on to Build a $10 Billion Company

This young entrepreneur created a wealth of $1.1 billion at the age of 25, just the days after completing his studies. OYO is quite economical to book a room in a hotel. The biggest reason for booking Oyo rooms is that they are comparatively cheaper than the rest of the hotels, they are not much in the booking process and they are present in most of the places.

A TV remote started this empire

Ritesh Aggarwal comes from a small town in Odisha from Bissam Cuttack. This is an area known for Naxalite activities. He was inspired to found Oyo Rooms due to his desire to keep his control on the TV remote. This was not possible when he was a child living with relatives.

A TV remote started this empire How a Sim Card Seller Went on to Build a $10 Billion Company credityatra

In fact, in an interview with ET in 2015, Ritesh said that the full form of OYO is ‘On your own’. This happened because he could not control the TV remote on the relatives home. Relatives wanted to watch regular serials and anxiously he wanted to watch Cartoon Network.

Also read: Oyo Rooms Answers Sexist Comments & Trolls On Social Media

Ritesh is a school dropout

Ritesh is a school dropout How a Sim Card Seller Went on to Build a $10 Billion Company credityatra

When his company grew, he was the only dropout, leading a team of 10 to 12 people from IIM and about 200 from IIT, Harvard Business School. He said, ‘I was not any dropout with big brain or high intelligence. I encourage students to drop out whenever I go to college and give speeches.’ Ritesh Agarwal was inspired by the successful dropouts Bhavish Aggarwal, Bill Gates, and the co-founder of Ola Cabs.

Owner of 100,000 rooms

Owner of 100,000 rooms How a Sim Card Seller Went on to Build a $10 Billion Company credityatra

Ritesh Agarwal owns around 100,000 rooms. Oyo is growing very fast, professionals think the number of rooms or net growth is going to increase by more than 10,000 on a per month basis. It is a next-generation hotel chain that uses Internet service.

The big picture is that Oyo has already launched its services in China. This is a rare example of an Indian consumer technology company that will serve the world’s second largest economy.

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