Business Today Desk

OYO’s Ritesh Agarwal announces grants of Rs 5 lakh each to Ladakh-based start-ups

Travel tech firm OYO’s founder Ritesh Agarwal introduced on Thursday that he’s awarding grants value Rs 5 lakh to 4 early-stage start-ups in partnership with a fellowship programme known as Naropa. These start-ups are primarily based in Ladakh. 
This funding is equity-free and the companies have been chosen primarily based on varied parameters equivalent to readability of goal, conviction of the founding group, power of enterprise mannequin and the hole they’re bridging with their distinctive options. 
Start-ups chosen for this fellowship embrace superfoods firm Siachen Naturals, beverage model Ladakh Brew, tea model Nima Goos Goos and wellness merchandise producer, The Forest Collective.
(*5*) on this transfer, Agarwal wrote on social media platform that he’s supporting these start-ups as they’re placing the hinterlands on the world map. “To assist them, I’m pledging an equity-free grant of Rs 5 lakh each to 4 promising start-ups from Ladakh. I can even be actively supporting and mentoring them.”
Agarwal, who himself belongs to a small city (Orissa) mentioned he resonates with people who’re constructing one thing from these cities. “Being from a small city myself, I resonate with the potential of these startups to create an exponential impression on their communities. I’m actually wanting ahead to supporting and mentoring them!” He additionally mentioned that whereas entrepreneurship is booming in Tier II cities and past, entry to capital and sources stays a problem for these firms . 
He mentioned he hopes to encourage these start-ups together with his journey and expertise and foster entrepreneurship on the grassroot degree. Some of the start-ups which have beforehand been funded by this fellowship embrace sustainable clothes model EcoKash, natural chocolate start-up The Himalayan Chocolate, and extra. 

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