Kolkata: Balmer Lawrie & Co. Ltd. has signed an MoU with IIM Calcutta Innovation Park (the incubation centre under the aegis of the Indian Institute of Management, Calcutta) on Thursday, for taking forward its Round 2 Startup Fund program. The MoU has been signed by Balmer Lawrie’s Director (Service Businesses) Adhip Nath Palchaudhuri and IIM-CIP’s CEO Subhrangshu Sanyal. On the occasion, Balmer Lawrie’s Director (HR&CA) and CMD Adika Ratna Sekhar, Director (Finance) Sandip Das and IIM Calcutta’s Director (Finance) Prof. Anju Seth were also present on the occasion.
Round 2 of the Startup Fund program
Encouraged by its success in nurturing innovative ideas and ensuring that the ideas get translated into successful businesses, Balmer Lawrie has launched Round 2 of the Startup Fund program with the objective of creating a vibrant ecosystem aimed at fostering entrepreneurship and promoting innovation. As part of this association, IIM-CIP would carry out a national-level start-up hunt exclusively for Balmer Lawrie. The selected start-ups would be supported with funds, workspace, knowledge resources, mentors and a platform for networking and connecting with customers and investors. This round is a noteworthy step towards supporting more promising start-ups enabling them to significantly contribute to the growth and prosperity of our country’s economy.
Speaking on the occasion, Sekhar said, “Balmer Lawrie is extremely happy to associate with IIM-CIP once again to take forward its startup journey. Their experience, infrastructure and support has been of immense value and we would like to leverage the same this time as well.”
Handholding and nurturing startups
Commenting on the association, Prof. Anju Seth, Director, IIM Calcutta said, “We are thrilled to partner once again with an esteemed organization like Balmer Lawrie for the Startup Fund program. We are on the constant lookout for budding entrepreneurs and businesses and to enable them to grow multi-fold. The selected candidates will be guided through the process of setting up a successful business aided by our Incubation Centre’s infrastructural capabilities, coupled with the expertise of its cohort of mentors from across industries.”
Balmer Lawrie commenced its Startup Fund journey in 2017, with a commitment of Rs 5 crore. In Round 1, promising startups like Kanpur Flowercycling Pvt. Ltd. and RCHobbytech Solutions Pvt. Ltd. were nurtured and incubated. The experience of a diversified PSE coupled with the skills and expertise of a premier knowledge institution helped in achieving the desired objectives of this startup program. Kanpur Flowercycling pioneered the technology of flower cycling to transform temple flowers into organic alternatives by engaging marginalised women. RCHobbytech, a solutions designer and system integrator in the field of the aerial surveillance industry, made a mark in providing customized geospatial solutions through unmanned systems. Both of them were able to make a noteworthy impact in their respective areas thus, promoting sustainability and innovation using new-age technology.
Balmer Lawrie successfully exited from Kanpur Flowercycling, paving the way for interested VC firms/angel investors having rich domain knowledge and experience to steer them to the next level of growth and success.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram. Join PSU Watch Channel in your Telegram and stay updated)