Oyo's Ritesh Agarwal shares this title with Kylie Jenner
BusinessToday.In February 27, 2020
OYO Rooms founder Ritesh Agarwal and make-up mogul Kylie Jenner's businesses might not have much in common but the two entrepreneurs share the same prestigious title. Kylie Jenner (22) and Ritesh Agarwal (26) both hold the title of the 'Youngest Self-Made Billionaire' in the latest edition of the Hurun Rich List. Both the entrepreneurs are worth $1.1 billion.
According to the Hurun list, there are 90 billionaires aged 40 years or under. Last year there were 85 billionaires. Of the 90 billionaires under 40 this year, 54 were self-made, while 36 had inherited their wealth.
Kylie Jenner, founder of Kylie Cosmetics is also the most-followed billionaire on Instagram, followed by Donald Trump. Jenner has 150 million followers, while Trump has 72.7 million followers.
Jenner started her company in 2015 when it was known as Kylie Lip Kits. She funded the first 15,000 lip kits from her earnings as a model. The product sold out within minutes of the debut and crashed the site. Kylie Jenner's mother Kris Jenner bought Canadian e-commerce platform Shopify to outsource the sales. The Jenners renamed the company Kylie Cosmetics in 2016 and increased production to 5,00,000 kits. She was named the youngest self-made billionaire at the age of 21 last year.
Ritesh Agarwal started budget accommodation portal Oravel Stays, fashioned in the likes of Airbnb, in 2011. It was one of the winners of 2013 Thiel Fellowship programme and received a grant of $100,000. Ritesh Agarwal launched his company as OYO Rooms in May 2013. The company is now backed by investors such as SoftBank, Sequoia Capital and Lightspeed Venture Partners.
Recently, during India Inc's interaction with US President Donald Trump on the second day of his visit to the country. Agarwal joined the likes of Mukesh Ambani, Anand Mahindra, Ratan Tata, Kumar Mangalam Birla in the interaction. He introduced his company as a young startup and said that it has 313 hotels in the US. President Trump praised his work and said, "I actually know of your company. Not such a small company, by the way. Good job."
According to the Hurun Rich List, Amazon founder Jeff Bezos is the richest person in the world with net worth of $140 billion, followed by Bernard Arnault with $107 billion. Mukesh Ambani was the only Indian to make it to the top 10, with $67 billion.