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Ritesh Agarwal and Naropa join to give four startups with personal grants

• ByStartupStory     |    January 20, 2023

In collaboration with Naropa Fellowship, Oyo Rooms founder and CEO Ritesh Agarwal announced a gift of Rs. 5 lakh each, equity-free, to four businesses from Ladakh. These funds are a part of a programme that promises businesses in the Ladakh region a grant of Rs 1 crore that is equity-free and mentorship. The Naropa Fellowship, a Ladakh-based fellowship programme, and Ritesh Agarwal collaborated closely to identify and shortlist these firms that will benefit and strengthen the local economies of the area.

“Being from a small town myself, I resonate with the potential of these startups to create an exponential impact on their communities,” Ritesh said in a tweet. “I’m truly looking forward to supporting and mentoring them,” he added.

This fellowship offers an opportunity for aspiring company owners to launch ventures that benefit the neighbourhood and preserve the local economy. The four chosen startups are Nima Goos Goos, Ladakh Brew, Siachen Naturals, and The Forest Collective. Siachen Naturals was established with the intention of creating and promoting wholesome food substitutes for fast food. According to the company, it has created a variety of traditional Ladakhi superfoods using organic ingredients including barley, which is high in protein and fibre. 

 Chaang, an indigenous beer in Ladakh, has a huge market potential, thus Ladakh Brew chose to create and market it as the sole locally produced product available in the area. The cultivation of barley, the primary component used in its manufacture, which has been declining over time due to the desire for cash crops, is also encouraged by its production. According to a statement, the company claims to also offer local women who have been producing Chaang for years, options for a living.

 

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