OYO‘s founder and CEO, Ritesh Agarwal has joined Mumbai-based incubator Venture Catalysts (VCats) as an advisor and mentor. The move comes in a bid to support India’s growing startup and entrepreneurial ecosystem.
With his latest role, Ritesh Agarwal will work with Dr. Apoorv Sharma (founder of VCats) to promote entrepreneurship across the country. Their major focus will also include tier 2 and 3 cities in India. According to them, together they will help India to become ‘Atma Nirbhar’ (Self Reliant).
Under this, Ritesh and Apoorv will be sharing their entrepreneurial experience with fellow entrepreneurs. Notably, Dr. Apoorv Sharma was one of the first people who had backed Ritesh’s OYO when it started as Oravel Stays in 2012.
Venture Catalysts (VCats) On-Boarded A New Mentor
While talking about this new move, Ritesh Agarwal Said;
“I started Oyo at a very young age and at a time when the ecosystem was not fully developed. I was fortunate enough to get some great mentors like Dr. Apoorva, Bejul Somaia, and many others, who guided and supported me in my start-up journey….now that I have established myself as an entrepreneur, I think it is time to give back to society and support entrepreneurs like them.”
Parallelly, Venture Catalysts’ founder, Dr. Apoorva Ranjan Sharma stated that;
“Ritesh’s insights will prove tremendously valuable to entrepreneurs as we continue to execute our plan to build a robust infrastructure for startups in all the Tier 1,2,3 and 4 cities across India. As his learnings will also help many upcoming entrepreneurs that have the potential to become the next Unicorn but have very limited access to the right support and mentorship.”
The VCats is the world’s seventh most active early-stage investor, as per a Crunchbase ranking. However, this integrated incubator is famous for developing and nurturing early-stage startups.
The firm mainly has a strong presence in over 30 smaller Indian towns such as Jaipur; Raipur, Bhubaneswar, Vizag, Rajkot, and Ahmedabad amongst others. Its portfolio includes some huge names like BharatPe, Fynd, and Coutloot, etc.