Oyo CEO Ritesh Agarwal reveals top two best-performing religious destinations

Oyo founder and CEO Ritesh Agarwal sees major growth in India’s religious tourism sector, predicting it could generate $150-200 billion in the next 3-4 years, reports MoneyControl. Speaking at the TiE Con Mumbai 2025 summit, Aggarwal highlighted the increasing demand for accommodations in pilgrimage destinations. He said: “More than 5 lakh people stayed with Oyo during the Kumbh in Prayagraj. Around 20% of our revenue comes from religious destinations. The top two are Banaras and Tirupati, which are the best-performing markets in India”.
He highlighted Tirupati's high daily visitor influx, which surges during school holidays, and noted the increasing demand in emerging religious hubs such as Kanyakumari and Somnath.
“New hotels are being built, giving people more options. Earlier, they would only stay in dharamshalas, but now, better accommodations encourage longer stays,” he added.
Agarwal cited Ayodhya as an example of religious tourism driving economic growth. "The town's economy has changed. Every person I have met has seen their income grow 2-3 times—whether through hotels, restaurants, real estate, or land sales. It’s a massive opportunity," he said, calling it a promising space for startups.

During the event, Agarwal reflected on his early days, recalling a key investment from Dr. Apoorva Ranjan Sharma, an early backer of Oyo’s parent company, Oravel Stays.
"At first, I wasn’t keen on meeting investors, but Dr. Sharma insisted. He invited me to Mumbai and introduced me to two investors at Iskcon Mandir in Juhu. They believed my business could be worth millions, but I was struggling to pay rent. They gave me a Rs 5 lakh loan—that money changed my life," he said.
Sharma later sold his shares for $400 million but reinvested when Oyo was valued at $6 billion. "He has been a lifetime partner, on and off, but always a friend," Agarwal noted.
On success, Agarwal acknowledged luck but emphasized hard work. "Many things had to go right for me. But hard work increases the probability of being lucky. That’s what I focus on," he said

Oyo recently announced a £50 million investment in the UK and a $10 million investment to develop digital assets for G6 Hospitality in the US.
"In FY25, Oyo did about Rs 30,000 crore in bookings, with Rs 24,000 crore coming from customers outside India. Our US business is doing well. Motel 6 is the most popular economy hotel brand there," Agarwal said. He mentioned a partnership with Amazon Prime’s Jack Reacher series, where Motel 6 was featured.
The US business is a key revenue driver. "In FY25, we expected Rs 1,200 crore in EBITDA without Motel 6. Including it, we are at Rs 1,550 crore. We plan to open more Motel 6 properties," he said.