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Tag: Ritesh Agarwal

  • OYO Expects Consistent PAT Rise in Upcoming Quarters, CEO Ritesh Agarwal Tells Employees – News18

    OYO Expects Consistent PAT Rise in Upcoming Quarters, CEO Ritesh Agarwal Tells Employees – News18


    Published By: Mohammad Haris

    Last Updated: February 09, 2024, 16:18 IST

    Hospitality and travel-tech firm OYO expects a consistent rise in its Profit After Tax (PAT) after doubling it sequentially in Q3 FY24 to Rs 30 crore, according to company Founder & CEO Ritesh Agarwal. Agarwal shared the update about the two-fold increase in the company’s profit during an employee town hall on Friday.

    Oravel Stays Ltd, which operates travel tech brand OYO, had its maiden profitable quarter in Q2 FY24 with a PAT of Rs 16 crore. “In the upcoming quarters, we anticipate a consistent rise in PAT, driven by enhanced patron confidence, improved customer experience , and favourable market conditions conducive to sustained growth,” Agarwal told the employees.

    He also informed the staff that the company clocked adjusted EBITDA of Rs 750 crore in FY23 and expects to clock adjusted EBITDA of Rs 1,000 crore in FY24, surpassing its earlier projection of Rs 800 crore for FY24. When contacted, OYO spokesperson declined to comment.

    Last year OYO had prepaid Rs 1,620 crore debt through a buyback process that involved the repurchase of 30 per cent of the company’s outstanding Term Loan B (TLB). The IPO-bound firm, in its last public filing, had disclosed that it achieved operational profitability in FY23, clocking an adjusted EBITDA of Rs 277 crore.

    Earlier, Agarwal had shared with employees that the company had turned cash flow positive in the fourth quarter of FY23.

    (This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)

    Mohammad Haris

    Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More



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  • OYOs Ritesh Agarwal Announces Wifes Pregnancy, Shares A Beautiful Picture

    OYOs Ritesh Agarwal Announces Wifes Pregnancy, Shares A Beautiful Picture


    New Delhi: In a heartfelt post, OYO founder Ritesh Agarwal announced his wife Geetansha’s pregnancy, with whom he tied the knot earlier this year. He shared a mesmerizing image of himself and his pregnant wife in front of their home, celebrating their happiness and the milestones ahead.

    Expressing his excitement in the post, Ritesh recollected how he met Geet eleven years ago when he was just a teenager, chasing his dreams and trying to convince his family about his ambition to build a company from the ground up. He acknowledged Geet as the constant support throughout his journey, being there for both the highs of happiness and milestones, and the lows of pain and loss.

    He continued, “This year, we got married, which was one of the happiest moments of my life. My family and I navigated through various highs and lows. Now, as Geet and I reflect on our transition from childhood to teenagers, to partners, and now to parents, I couldn’t be more excited. Our coming of age may have come and gone, but I’m grateful I got to share it all with you. It’s time to embrace parenthood!”

    Ritesh also reached out to his fans and followers, requesting their best recommendations for nappies, strollers, and toys. In a nod to the startup culture, he emphasized that he preferred suggestions from those involved in startup ventures related to baby products.

    Offering their congratulations on this joyous occasion, Alan Mamedi, the founder and CEO of Truecaller, said, “Fantastic news, Ritesh and Geet!” Chetan Bhagat also commented on the post, saying, “Oh wow! Congrats!”



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  • Shark Tank India Season 3: Zomatos Deepinder Goyal Joins As New Shark After Oyos Ritesh Agarwal

    Shark Tank India Season 3: Zomatos Deepinder Goyal Joins As New Shark After Oyos Ritesh Agarwal



    Deepinder Goyal and Ritesh Agarwal will join Aman Gupta, Anupam Mittal, Namita Thapar, Vineeta Singh, and Peyush Bansal as Sharks for Shark Tank India season 3.



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  • Zee Digital India Dialogue: OYO Founder Ritesh Agarwal Highlights The Shifting Reality Of Entrepreneurship In India

    Zee Digital India Dialogue: OYO Founder Ritesh Agarwal Highlights The Shifting Reality Of Entrepreneurship In India


    New Delhi: Digital Technology has spread quickly around the world. Numerous developments in technology, changes in consumer behaviour, and the growing demand for better efficiency all contribute to this trend. Zee Media hosted the first iteration of the “Digital India Dialogue 2023” summit in New Delhi today, July 13, 2023, to further ensure digital readiness on emerging technologies and revive India’s digital economy.  

    The event is organized to mark the eighth anniversary of the Digital India Mission, which was started in 2015 with the goal of making sure that everyone could use the digital services offered by the Indian government. The conclave was enlightened on the subject of startups and their challenges, which are acquiring popularity and stimulating debate among professionals and laypeople alike. 

    Although the startups have been known for a long back, they just lately started to acquire appeal among middle and lower-middle-income groups when people from the same background are making the headlines.

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    Speaking at Zee Digital Conclave 2023, the dynamic Oyo Rooms founder, Ritesh Agarwal, shared some profound entrepreneurship lessons that are especially pertinent given the present state of Indian companies. Agarwal’s thoughts highlight the shifting reality of entrepreneurship in India by drawing on his own experiences and the development of the startup ecosystem in India.

    He continued, “India’s startup environment was still in its infancy ten years ago. Access to money, materials, and networks was highly restricted to a small group of people. The road to connect with possible investors, partners, talent, and customers for an aspiring entrepreneur without any prior relationships inside this ecosystem was nothing short of a Herculean task”.

    Agarwal does note that the ecology has changed considerably over time. Established founders and operators are now giving back more actively, creating an ecosystem that helps aspiring businesspeople notwithstanding their upbringing, level of education, or money. Today, one’s determination to follow an idea with unwavering dedication is the secret to winning support.

    He unveiled his success mantra i.e. 3D — Desire, Devotion, and Diligence. Responding to a question in the rapid-fire round of the conclave, he also revealed his secrets. He says I’m eating the same breakfast for 5 years. There are two changes in due course and i.e. Daliya and Oats.

    Responding to the question of the host i.e. “You inspired so many, who is your inspiration?” The self-made billionaire said “So many people inspired me. If I have to name someone in the entrepreneurial world, I think one that I always think about is Uday Kotak. He is first generation entrepreneur, done well. His entire team has been with him ever since he started his company.”

     





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