OYO founder Ritesh Agarwal on unicorn milestone: valuations temporary, value forever
Ritesh Agarwal, founder of one of the largest startups by valuation in India, has hailed the 100 unicorn milestone, but warned that valuations are only temporary.
Speaking to Startup India, founder and CEO Ritesh Agarwal has praised the development of 100 Unicorns in India, but warned that valuations are only temporary.
In a video message posted on Startup India's Twitter page, Agarwal says, "We are sprinting towards glory to make India the largest entrepreneurial ecosystem in the world."
He continues to say that he believes that this is just the start, and as the startup ecosystem matures further, Indian entrepreneurs and startups are going to take the world by storm.
In a standalone tweet responding to the video message, Agarwal said, "I am bullish on Indian entrepreneurs taking the world by storm. Founders should remember that valuations are temporary, values are forever."
Agarwal is one of India's earliest and most-well known unicorn founders, having started his hotel aggregator business in 2012. This was rebranded to OYO Rooms in 2013 before Agarwal had even turned 20, and OYO became a unicorn in September 2018, when it raised $1 billion at a valuation of $5 billion.