Ritesh Agarwal, Oyo's Founder and Chairman, committed Rs 1 crore to promote micro-entrepreneurs in India's rural towns in a tweet. He explained that being a native of Rayagada, Odisha, he understands the value of being able to give back. Ritesh added that these businesses are on the verge of putting their hometown on the map and allowing the rest of the world to experience their unique culture. He is hoping that his gift will help them on their way.
He also announced the first four Ladakh and Himalayan enterprises to receive a portion of the equity-free grant. The Naropa Fellowship programme supported these businesses. His Eminence Drukpa Thuksey Rinpoche and Dr. Pramath Raj Sinha co-founded the Naropa Fellowship, a Ladakh-based fellowship programme focused on developing environmentally and socially responsible entrepreneurs of the future from the Himalayan area. The fellowship provides a platform for aspiring entrepreneurs to launch firms that benefit the local community while also ensuring the region's economic viability.
Small-town entrepreneurs, according to Ritesh, frequently face a lack of resources and knowledge. He also mentioned that he is looking forward to contributing his part to grassroots entrepreneurship through strategic feedback, mentorship sessions, and investment.