Ritesh Agarwal, along with the Naropa fellowship program, will provide an equity-free grant of INR 5 Lakh apiece to four Ladakh-based startups
The equity-free grants are part of an initiative pledging investment of INR 1 Cr and mentorship to grassroots entrepreneurs based in Ladakh region
Siachen Naturals, Ladakh Brew, Nima Goos Goos and The Forest Collective are the four early-stage startups which would receive the grants
Hospitality chain OYO’s founder Ritesh Agarwal on Thursday said that he, along with the Naropa fellowship program, will provide an equity-free grant of INR 5 Lakh each to four Ladakh-based startups – Siachen Naturals, Ladakh Brew, Nima Goos Goos and The Forest Collective.
The four startups were shortlisted on the basis of the market gap they are addressing, clarity of purpose, the conviction of the founding team, and robustness of the business model, a statement said.
Both Agarwal and Naropa worked closely to select the startups that would bring value and boost the local economies of Ladakh. Besides the investment, Agarwal will also support the four startups through regular interactions and guidance, it added.
In a Twitter post, Agarwal said, “Entrepreneurship across smaller towns in India is booming; however, access to capital and resources remains a persistent challenge. By sharing my journey and learnings with these budding startups, I hope to be able to encourage more grassroots entrepreneurship.”
The equity-free grants are part of an initiative, led by the Naropa fellowship program, pledging investment of INR 1 Cr and mentorship to grassroots entrepreneurs based in the Ladakh region.
Naropa fellowship, a Ladakh-based fellowship program, is aimed at supporting environmentally and socially conscious founders based in the Himalayan region.
Sustainable fashion startup EcoKash, chocolates brand The Himalayan Chocolates, B2B platform Zarin, and ecommerce platform My Pahadi Dukan are the other startups that previously received grants from the program.
Here is a brief profile of the four startups selected for the latest grants:
Siachen Naturals
The startup sells a range of traditional Ladakh-based superfoods which are made of organic ingredients. It aims to produce and promote healthy food alternatives to fast food and cease migration of local people by providing them employment opportunities in the region.
Ladakh Brew
The startup produces Ladakhi local beer called Chaang and provides employment to local women, who hold expertise in manufacturing local beer.
Nima Goos Goos
The startup sells herbal tea called Tisanes, which is available in several varieties. It promotes natural herbs and crops grown in the Himalayan region.
The Forest Collective
The startup manufactures pine-based biomaterials and wellness products such as perfumes and candles. It aims to stop pine-fueled forest fires and promote pine-based biomaterials that are alternatives for plastic and timber for various industries.
The announcement of the grants comes at a time when the Indian startup ecosystem has grown leaps and bounds over the last few years. India is currently home to 108 unicorns. However, the ongoing funding winter has hit the Indian startup ecosystem hard, with startups laying off over 20,000 employees since last year.
In December 2022, OYO also laid off 600 employees working in its engineering and product teams. Meanwhile, OYO on Wednesday said that it would refile the draft red herring prospectus (DRHP) for its initial public offering (IPO) with SEBI by the middle of February 2023.
