OYO Rooms wins ” Startup of the Year ” award in the ceremony of ” ET Startup Awards 2018 ” hosted by Economic Times. Ritesh Agarwal, founder of OYO Rooms, along with his four colleagues after being called on the stage, received the award from Amitabh Kant and Nandan Nilekani of Infosys.
OYO Rooms, popular as OYO, was selected as the winner of the award based on the greatest growth it showed in 2018.
OYO Rooms has become the largest hotel network and hospitality service provider in India. The startup was founded in 2013 by twenty-four year Cuttack, Odisha based entrepreneur namely Ritesh Agarwal. Passing through a very difficult initial stage and starting with just a single hotel in January 2013, OYO has scaled its presence in 230 cities with 8500+ hotels in its network.
OYO isn’t limited to India anymore. The company has gone international, providing services in Malaysia, UAE, Nepal, Indonesia, and China being its latest entry, revealed Ritesh Agarwal a few months ago and while he grabbed the award.
Headquartered in Gurugram, Haryana, OYO Rooms, in March 2015, received funding that amounted to $24 million from Lightspeed Venture Partners, Sequoia Capital, Greenoaks Capital, and DSG Consumer Partners investment firms.
India over the last two decades has witnessed a boom in the rise of startups across many sectors including healthcare, food, technology, education, etc. Every year many startups are launched in India and surprisingly most of them have turned into multi-million dollar companies.
Pertinently, Rashmi Daga, a women entrepreneur who established FreshMenu, has got ” ET-Facebook Woman Ahead Award ” whereas ” Midas Touch award ” was handed over to Subrata Mitra, a pioneer investor in India’s favorite online shopping portal Flipkart.