Back'Get used to rejections': Oyo CEO Ritesh Agarwal has a message for entrepreneur
Oyo Rooms CEO Ritesh Agarwal had started Oyo even before he turned 20Recently, Oyo Hotels and Homes Ltd raised debt funding worth $660 million from global institutional investors,
PremiumOYO Hotels and Homes Ltd CEO Ritesh Agarwal, who is one of the youngest billionaires in the country, has shared a piece of advice for the entrepreneurs on Tuesday.
The 27-year-old Agarwal, who started Oyo Rooms in 2013, said that around 80% of the venture capitalists rejected his company in the initial days.
Therefore, Agarwal said that "As an entrepreneur, you are going to face rejection most of the time, get used to it".
He then appealed to all entrepreneurs to be patient and added, "people who are willing to give you time, are the ones that matter. Make the most of them".
Agarwal had started Oyo even before he turned 20. Oyo Rooms earned the unicorn tag in the year 2018 after it raised $1 billion from Japan’s SoftBank Vision Fund and other investors.
Recently, Oyo Hotels and Homes Ltd raised debt funding worth $660 million from global institutional investors, including Fidelity Investments.
Hit by the Covid pandemic, Oyo said it would be using these funds to retire its past debts, strengthen the balance sheet and leverage the funds for other business purposes, including investment in product technology.
The outbreak of the Covid-19 virus had severely impacted the hospitality industry worldwide. OYO was also on the receiving end of the impact and saw close to 60% of its business wiped away in a matter of months. It also laid off close to 300 employees, towards the end of last year.
However, before the second wave of the pandemic in the country, Agarwal said that its gross margin was back to pre-covid levels.
SoftBank-backed Oyo Hotels is the largest hotel chain in India and its valuation has soared to $9 billion.
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