Our model has created 30 ‘copycats’: OYO’s Ritesh Agarwal
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- Опубліковано 29 сер 2024
- At the age of 17, most youngsters don’t have any inkling of what their future would look like. Not Ritesh Agarwal.
A year before his 18th birthday, Agarwal was managing his first hotel in Gurgaon. He started Oravel, an Indian version of the online rental site Airbnb, which later pivoted to budget hotels aggregator OYO Rooms.
Today, the two-year old OYO Rooms is valued at $400 million. It recently raised $100 million (Rs 635 crore) in a fresh round of funding led by Japanese tech conglomerate SoftBank.
OYO Room’s successful run has attracted several new players into the online aggregation space for budget hotels.
“We are glad that there are 30 copycats of a brand that we created…But their only problem is that they can’t innovate like us,” Agarwal said in an interview with Techcircle.in. He claims that OYO Rooms has 90 per cent market share in the rooms aggregation play.
OYO currently caters to over 15,000 rooms in 90 cities. With the fresh investment, the company is gunning for 50,000 rooms across 100 cities by the end of this year.
Those offering a branded booking platform like OYO Rooms include Zo Rooms, ZiP Rooms and Wudstay, Zo Rooms, Zen Rooms and Ibibo’s goStays among others. A former executive of OYO Rooms has also plunged into the burgeoning budget hotels aggregation space by co-founding a new venture, Vista Rooms that could potentially compete with her previous employer.
Ruling out the possibility of acute competition, Agarwal said that entry of new players will only solve the problems faced by guests and ensures standardisation. He suggested that small players would eventually have to consolidate in a bid to effectively compete with OYO Rooms.
Agarwal, who hails from a small town in Southern Odisha, believes that factors such as standardisation, trust and assurance of quality, distinguish OYO from its competitors. “The form or size of rooms on our network may be different. However, in every room you will find a bed with satin cover, a 32 inch LCD TV and warm white light,” said Agarwal, one of few Indians to be selected for the prestigious Thiel fellowship.
He also spoke highly of Softbank, OYO Rooms’ investor. The Japanese telecom and internet major, he claimed, has helped the startup with insights on how to build a company for the long-term.
Watch the video for details on Agarwal’s journey and his ambitious plans for OYO Rooms…
4:17 Cameo of R. Madhavan
guy is good but i had worst expirience with oyo service..i was roaming in pune from one oyo hotel to another
best copycats will own the market remember..
I don't want to spend my time in saying him immature rather would do some good for myself
everybody takes inspiration from some other guy, but Ritesh's idea is much different from Airbnb. not exact same copy
Man, at 21, his English is great
he is not a programmer.. used bistro strays..
Superb. Seems to be a brilliant and knowledgeable fellow
TQ so much Sir
If u r saying 36 copycats then what you are dude.. U also copied idea of airbnb.
Think before speak Mr ritesh aggarwal.
Don't be so over smart.
yes, right it's a platform of rental copy from Airbnb.
but, Oyo is different from Airbnb.
because, both have different business model
Dude you are damn smarter than Einstein ..
+Allwyn how it is different from airbnb ? they were pioneers of renting residential apartments and converting it into hospitality rooms
true
.
Saving up money to travel extensively before I join a college. Glad that there's someone I can cite as an example to people when they try to roadblock me!
Update ur journey please
Ritesh Agarwal copied the business model from airbnb and now he's blaming other for copying him? This guy is a joke
I swear
this is the reality of the brand and thus ritesh ....a whole lot of PR leading to a bad product
Muhammad Abrar Ahmad it is not true bro.He is a enthusiasts and a successful entrepreneur.H was the only Asian selected for Thiel Fellowship started by Paypal Founder Peter Thiel.So first know him then comment.
FILMY FACTS whatever his achievements may be....but he has also copied the concept of AIRBNB....by same logic that ritesh is giving
FILMY FACTS it doesn't means that he would be allowed to lie in public domain
Oyo has many flaws ..they don't check hotels well as well as the people of hotel ...if they want to be a good brand they should check hotels well before giving people space in it ..besides many times guest doesn't get the room which they booked ..
this is the reality of the brand and thus ritesh ....a whole lot of PR leading to a bad product
Oyo is already a copy cat of AIR BNB
I like his Quote - When You Know you can do it, you don't want to Quit !!!!
Visit Manali yes 😍
Every people in this country should have great experience...OYO rooms..
He made himself popular intentionally....he made fake stories so that people would believe him and get attention . Thus this is low cost effective advertisement.
Sahi Kaha bro
this guy is a serial lier. Softbanks got wrong twice one with housing and now with oyo. lets see. there is an article: 'real ritesh aggarwal stand out'.
This guy inspires me a lot. Great job dude.
i also like oyo rooms. it was a great experience in goa.
Jayesh Sindhav thanks
Trust - It's predictable that if it's OYO it will be bad!!
Pathetic guest experience... just visit their facebook page. All lies.
True
Clear and Precise. Thats what I love in this video. Good luck Ritesh.:)
Originality is undetected plagiarism
i love OYO ROOMS & feel proud to be a part of Oyo Rooms, Ritesh sir you are icon of youth generation. you are grate.
15years me koi expert developer ho nai jata chutiya mat bana... someone else developed it for you
if i get a dollar everytime he says 'solving big problem' .. i would be a millionaire by the end of this video.. :)
inspiring talks , or should i say projected to be inspiring... thumb rule of entrepreneurship is identifying the gap and making money out of it..
if it's only about solving a problem, then i think there are worse problems currently that needs to get addressed..
anyway ,oyo seems to get funded , and they generating money, so good going with that..
hes making money you're not
I can see lies on his face.....Oyo rooms are even shabby for a begger........
And Oyo premiere is super stupid....You copied everyone,you copycat........Not at all inspiring.....'You can enable by the app to order food' shut up!!!!! You can't to anything
and see where you are . typing shit about him and he is earning million dollars
Akshay designs even a IAS officer earns millions of dollars by lies n corruption....!
Why don't you go hotel Taj
@@shekhartripathi4300 what corruption is he involved with ?
Dear sir, my name is Mohammad Shamim shaikh from (Mumbai) .
will be staying in an OYO room that I booked yesterday
asd
air bnb copy cat
wooah hoo!! Amazing man.
Keep going :)
poor accent
and still makes more money than you
Another gujrati lie
he is from Orissa and how is he a liar