Miniratna PSU Invests Rs 1 Crore in Cutting-Edge Pod Hotel Startup, Redefining Affordable Luxury Travel Across India!
Revolutionizing affordable luxury travel with AI-powered pod hotels across India!
Balmer Lawrie & Co. Ltd., a diversified public sector enterprise under the Ministry of Petroleum and Natural Gas, announced an equity funding of Rs. 1 crore to NapTapGo, a startup in the hospitality sector. This funding is part of the company's commitment to promoting innovation and supporting startups under the Government of India’s Startup India initiative.
What NapTapGo Does
NapTapGo is a promising new venture in the hospitality industry, known for its unique pod hotels. These hotels offer affordable, high-quality stay options across India, integrating advanced technologies like Artificial Intelligence (AI) and the Internet of Things (IoT) to improve customer experiences, hygiene, and overall quality. The concept is aimed at providing quick, convenient, and luxurious stays for travelers.
Balmer Lawrie’s Support to Startups
As part of its Startup Fund program, Balmer Lawrie is focused on empowering Indian startups by providing equity funding and fostering innovation. The company has partnered with IIM Lucknow’s Entrepreneurship and Incubation Centre (EIC) to support startups through incubation, mentorship, and industry connections. This collaboration reflects Balmer Lawrie’s dedication to building a vibrant startup ecosystem in India.
Comment from Balmer Lawrie’s Management
Mr. Adhip Nath Palchaudhuri, Chairman & Managing Director of Balmer Lawrie, expressed his excitement about the investment in NapTapGo. He emphasized that supporting emerging entrepreneurs is crucial for nation-building and aligning with the 'Make in India' initiative. He also mentioned that Balmer Lawrie aims to add value through strategic partnerships, guidance, and leveraging industry networks to help startups succeed.
Future Outlook for NapTapGo
Mr. Nitin Malhotra, Founder of NapTapGo, highlighted the significance of this partnership. He pointed out that the support from Balmer Lawrie reflects the Government's focus on fostering scalable solutions in the tourism sector. NapTapGo aims to revolutionize the short-stay experience for travelers and contribute to India's vision of becoming a leading player in the global hospitality market.
About Balmer Lawrie & Co. Ltd.
Balmer Lawrie is a government-owned company engaged in various sectors, including industrial packaging, greases, lubricants, chemicals, logistics, and travel services. It has a national presence and operates in both domestic and international markets.
Stock Performance
As of 2:40 PM on Friday, Balmer Lawrie's stock is trading at Rs 222.70 (+0.12 per cent). In the past week, the stock has delivered a return of 4.65 per cent. The company's current market capitalization stands at Rs 3,805 crore. Balmer Lawrie's equity funding in NapTapGo is part of its strategy to diversify and invest in innovative solutions across industries.
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Disclaimer: The article is for informational purposes only and not investment advice.