In the green room at Phocuswright with... Ritesh Agarwal

Ritesh Agarwal, founder and group CEO

Originally an online brand aggregating independent budget hotels in India, OYO Hotels and Homes now says it is one of the world’s largest hospitality companies with franchised and leased properties in India, China, Japan, Southeast Asia, the Middle East, Europe and the United States. At The Phocuswright Conference, founder and group CEO Ritesh Agarwal will give a keynote address on the company’s growth to date and his plans for future expansion. 

In a series of interviews with executives participating at the event in Florida in November, PhocusWire finds out what makes them tick...

What book do you recommend to others and why?

Zero to One by Peter Thiel - Peter Thiel is someone I look up to. The book has played an important role in shaping my approach towards life, both from a business and personal perspective. It successfully encapsulates the strategy behind running and sustaining a business, which is the most important thing to learn for an entrepreneur. It’s an inspiring and thought-provoking read that teaches you how to think like a leader.

Chocolates on the Pillow Aren’t Enough: Reinventing the Customer Experience by Jonathan Tisch - this book by Jonathan Tisch, the chairman and CEO of Loews Hotels & Co. and one of the most respected leaders in travel and hospitality in the U.S., is a quintessential read for anyone working at a consumer-facing business. 

Elon Musk: How the Billionaire CEO of SpaceX and Tesla is Shaping our Future by Ashlee Vance - I admire Elon Musk’s risk-taking and innovative mindset a lot. One key takeaway for me was how critical risk-taking is when it comes to building a transformative enterprise that is ahead of its time. His passion to ensure a bright future for humanity is tremendously inspiring.  

What do you do to alleviate stress?

Speaking to customers about their OYO experience makes me feel great about the kind of impact we are creating across the globe. Hearing the feedback from them - the positives and the areas where we can improve - is a significant part of our learning process and excites me the most. I truly believe that work is life and life is work. It is symbiotic. 

What was your childhood aspiration? 

I always wanted to do something new and interesting, something different from the norm. I started with selling SIM cards while exploring unique areas and opportunities like being a pilot. I ended up being an entrepreneur and absolutely cannot complain about it. 

Who is the person you most admire within the industry?

Peter Thiel is someone that I look up to. The mentorship I received from the Thiel Fellowship and the quality of ideas I was exposed to were on par with the best business schools, but the icing on the cake  was that I got a chance to learn everything while actually pursuing my dream.

Another individual who inspires me is Bill Gates - what he achieved with Microsoft is incredible, but what I admire the most is that he knew the right time to leave and share his wealth with real people in the world and impact their lives. 

How do you want to be remembered as a leader in your company?

As a leader, you have the most important job to do, lead the vision, drive the business, motivate your team and sustain. Your business is your brainchild. You have to nurture it. That’s why I call myself the chief clarity offer at OYO and want to be remembered in the same way. 

What is your proudest professional achievement? 

Success is always measured based on the impact that we have created. Since the inception of OYO Hotels and Homes, our focus has always been on creating affordable, high-quality living spaces for travelers and a conducive business environment with sustainable returns for our asset owners. During this journey, we have created over 300,000 direct and indirect jobs across India, the U.S., South Asia and China while training young hospitality enthusiasts.

We see a huge opportunity in front of us of building a global brand that is truly from India. Our foray into international geographies is a testament to the hard work and perseverance, every leader and OYOpreneur (employee) has put into building OYO Hotels and Homes as the world’s fastest-growing chain of hotels that is currently present across 800-plus cities in 80 countries.

What's your morning routine? 

I prefer starting my day early and going through the emails and WhatsApp messages received from different teams from across geographies - India, the U.S., China, Europe. This helps me in keeping up with the teams and assisting them with strategic decision making and effective time management throughout the day. I regularly do yoga early in the morning for physical wellness.

What’s the most interesting thing about you that we wouldn’t learn from your resume alone? 

I like learning new languages as it helps me understand the local nuances of geography. Currently, I can  communicate in English, Chinese, Hindi, Telugu, Haryanvi and Marwari (the local language of the community I belong to). With OYO’s global expansion, I am truly looking forward to expanding my horizon with respect to learning new languages.

Describe the setting where you do most of your work.

You can find me working out of the OYO offices in India (Gurgaon), Shanghai, Beijing and the U.S. In the middle of the office, working with my passionate and mission-driven OYOpreneurs towards making a difference.

I sincerely enjoy working together with all my colleagues as a part of a single-directional plan. We are ardent believers in putting our heads down and executing.