Latest news with #RiteshAgarwal
Mint
5 days ago
- Business
- Mint
OYO's Ritesh Agarwal says India-UK FTA deal game-changer for startups, jobs, AI growth
OYO Rooms founder and CEO Ritesh Agarwal hailed the India-UK FTA deal, stating that the agreement is likely to be a game-changer for startups, jobs, AI growth. 'The India- UK FTA is a major step forward— other industries travel, services and startups are going to see a major uplift. As one of the fastest growing investors in the UK with 220+ hotels in 65+ UK cities and £50m investment in premium expansion, it means more jobs (1,000+ planned), smarter AI innovation, and a stronger role in local communities,' the OYO founder said in a clip posted on Instagram. The OYO rooms founder was among the eight other business tycoons, including Bharti Enterprises chairman Sunil Mittal, Vedanta Resources Chairman Anil Agarwal, others who attended the signing of the historic deal between India and the UK. India and the UK, on Thursday, July 25, signed a landmark free trade agreement, aimed at boosting goods and services trade between the two countries. It was signed by Piyush Goyal and his British counterpart Jonathan Reynolds in the presence of Prime Minister Narendra Modi and UK prime minister Keir Starmer. The FTA will cut tariffs on most products traded between India and the United Kingdom. According to an official release, the deal also specified that the average tariff on UK products will fall from the current 15% to just 3%. The Free Trade deal will exempt at least 75,000 Indians working in the UK from social security payments for three years. Youth in IT, services, and education will gain from easier access to the UK's high-value markets. Union Minister Piyush Goyal said the FTA would allow duty-free access for 99 per cent of Indian exports, unlocking $23 billion in opportunities for labour-intensive sectors. India's seafood shrimp, tuna, fishmeal gets zero-duty entry to the UK's $5.4 billion marine market after the Free Trade deal comes into effect. The FTA will also make it easier for British firms to export whisky, gin, cosmetics, medical devices, cars and other products to India The Free Trade deal will also offer simplified customs, equal treatment and procurement access. MSMEs can now bid for the UK government contracts.
Time of India
17-07-2025
- Business
- Time of India
Startup Policy Forum unveils centre to support listed, IPO-bound startups
Academy Empower your mind, elevate your skills The Startup Policy Forum (SPF), which currently has over 50 new-age companies from various sectors, on Thursday announced the launch of the Centre for New-age Public Companies (CNPC), which is aimed at assisting both listed startups and those preparing for public listing during their announcement was made at a meeting between Tuhin Kanta Pandey, chairman, Securities and Exchange Board of India (Sebi), and a delegation of 20 startup founders and senior executives in those in the delegation were several leading figures from India's startup ecosystem, including Ritesh Agarwal, founder & CEO, Oyo; Shashank Kumar, founder & MD, Razorpay; Rohit Kapoor, CEO, Swiggy Food Marketplace; Ankit Fatehpuria, cofounder & CFO, Zetwerk; Amrish Rau, CEO, Pine Labs; Cred's Miten Sampat; Practo cofounder Shashank N D; and other executives from Ixigo, BlueStone, and Acko. According to a statement by SPF, around 40 startups, with a combined valuation of over $90 billion, are likely to go public in the near CNPC will work on engaging with market regulator SEBI along with other regulators, policymakers, and public market investors in ensuring the regulatory framework evolves and addresses the needs of these companies. It will also develop toolkits, policy briefs, and governance guides tailored to the requirements of these like Lenskart, Wakefit, Shiprocket, Meesho, Pine Labs Zetwerk , PhysicsWallah, Boat, and Bluestone are among those preparing to go for initial public offerings (IPOs).'India's capital markets are witnessing a structural shift, with new-age and tech-driven companies increasingly dominating IPO pipelines and investor interest,' said Shweta Rajpal Kohli, president and chief executive, Startup Policy July 3, ET reported that a dozen of these new-age companies that have filed their draft IPO papers this year collectively look to raise over Rs 18,000 crore (more than $2 billion) through fresh issuances of shares.'The emergence of new-age companies in the public markets is a significant evolution. Initiatives like this will promote better governance, transparency, and capital market preparedness while fostering trust among retail and institutional investors,' said Ashish Chauhan, managing director and chief executive of the National Stock Exchange (NSE), in a statement.
Entrepreneur
17-07-2025
- Business
- Entrepreneur
OYO's Ritesh Agarwal Invests in Culture Circle at Over INR 100 Cr Valuation
With over one million monthly users and more than 4,000 verified sellers, Culture Circle offers authenticated luxury and streetwear fashion. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Ritesh Agarwal, founder and chief executive of OYO, has invested in Culture Circle, a fashion commerce platform, at a valuation exceeding INR 100 crore. The funds will be used to enhance the company's artificial intelligence capabilities, expand its product categories, and grow its presence in global markets. Culture Circle was co-founded by Devansh Jain Nawal and Ackshay Jain. The startup had previously raised INR 3 crore from Agarwal and Kunal Bahl on the television show Shark Tank India, turning down a larger offer to preserve equity. Jain Nawal, an alumnus of IIM Ahmedabad and former Goldman Sachs employee, leads the company alongside Jain, who has worked at Google and currently convenes the JIIF Gurugram chapter. With over one million monthly users and more than 4,000 verified sellers, Culture Circle offers authenticated luxury and streetwear fashion. The platform uses AI-powered tools to verify products, compare prices in real-time, and connect with trusted global sellers. It currently operates flagship stores in Delhi and Hyderabad and plans to open new outlets in Gurugram, Mumbai, and other cities. "Culture Circle is one of the most exciting youth-first platforms to emerge from India," said Ritesh Agarwal. "Their focus on trust and experience makes them truly stand out." Devansh Jain Nawal stated, "This is more than funding, it's a partnership built on shared values." Ackshay Jain added, "We're building a cultural movement and this round will help us scale SourceX, our AI-powered engine, and enter new categories and markets." Culture Circle aims to position India as a significant force in the global streetwear and luxury landscape while making high-end fashion more accessible to Gen Z consumers.
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Business Standard
16-07-2025
- Business
- Business Standard
OYO's Ritesh Agarwal invests in luxury fashion startup Culture Circle
Culture Circle, a hype and luxury fashion app, has raised funds from Ritesh Agarwal, founder and chief executive officer (CEO) of OYO, a global travel technology platform, at a valuation of over ₹100 crore for an undisclosed amount. This follows the brand's earlier deal worth ₹3 crore (for 3 per cent equity, according to media reports) with Agarwal and Kunal Bahl, co-founder of Snapdeal and Titan Capital, on Shark Tank India, according to Culture Circle's release. Currently valued at over ₹400 crore, the startup is witnessing fourfold growth in its business. Culture Circle has over 1 million monthly users and more than 4,000 KYC-verified sellers. It consistently ranks among India's top 50 shopping apps, the release stated. 'Culture Circle is one of the most exciting youth-first platforms to emerge from India. Their focus on trust and experience makes them truly stand out,' Agarwal said in a statement. Devansh Jain Nawal, co-founder and CEO, Culture Circle, said this is a partnership built on shared values. Ackshay Jain, co-founder and chief operating officer (COO), said the company is building a cultural movement and this funding round will help scale SourceX, its artificial intelligence (AI)-powered engine. Jain further added that it will also help the company expand into new categories and global markets. 'Culture Circle recently announced plans to go international this year, further accelerating its mission to democratise luxury for Gen Z and position India as a key player in the global streetwear and luxury market. With flagship stores in Delhi and Hyderabad, Culture Circle offers India's largest collection of authenticated luxury fashion, from Nike and Yeezy to Dior and LV (Louis Vuitton), powered by a proprietary five-step AI-led verification system,' it said in a statement. Additionally, the company is expanding its physical footprint with upcoming flagship stores in four more cities, including Gurugram and Mumbai.
Mint
16-07-2025
- Business
- Mint
From Shah Rukh Khan's family to Sidharth Malhotra: Celebs who have invested in Ritesh Agarwal's Oyo
Amid a buzzing investing environment in India, travel startups have seen capital flowing into them as the environment remains stable. Not just institutional investors, it now seems celebrities are also interested in becoming financial backers for these companies — a shift from their earlier roles that were restricted t brand ambassadors or endorsers. High profile Indians, including actors and A-list cricketers, are betting on online travel platforms, marking a shift in how this ecosystem is being funded. Recently, Ritesh Agarwal's Oyo raised over ₹ 1,400 crore in its Series G funding round, which was not just led by venture capital firms. According to a report by Skift, film producer and designer Gauri Khan, who is the wife of Bollywood superstar Shah Rukh Khan, was among the investors in Oyo's latest fundraiser. Gauri picked around 2.4 million shares in the company, as per the report. This comes ahead of the much-awaited IPO of the online travel-booking platform, which is in discussion with banks to float its public offering soon. Preliminary discussions with investment banks have indicated a potential valuation range of $6-7 billion for the public offering, sources quoted by PTI said. Mint could not independently verify the authenticity of the Skift report. This article will be updated once there is an official statement available. The individual investment value of the movie producer has not been disclosed by Oyo as of now. The investment comes months after she backed Innov8, the Oyo-owned co-working brand. As per the Skift report, actor Madhuri Dixit, her husband Dr. Sriram Nene, and Dr. Ritesh Malik, founder of Innov8, have together bought 2 million shares in Oyo. Meanwhile, actor Amrita Rao and her husband, radio jockey Anmol Sood, have also invested in Innov8 via the secondary market. Bollywood actors Sidharth Malhotra and Kiara Advani have also bought shares in Oyo earlier. However, the concept of celebrities financially backing travel startups is not entirely new. In 2012, Salman Khan picked up a less-than 5 per cent stake in Yatra when he became the brand ambassador of the company. In 2013, Sachin Tendulkar picked up 7.5 per cent sweat equity in UAE-based OTA as he appeared for its campaigns. However, the rareity of the situation is changing now, as more and more celebrities look to invest in the travel industry, signalling possible growth.
