Press Release Details
Balmer Lawrie signs MoU with IIM Calcutta Innovation Park for Round 2 of its Startup Fund Program 24 February 2021
The Startup Fund initiative is in line with ‘Startup India’, a flagship initiative of the Government of India, launched by the Hon'ble Prime Minister of India, Shri Narendra Modi in 2016
Balmer Lawrie & Co. Ltd., a PSE under the Ministry of Petroleum & Natural Gas (MOPNG), GOI signed an MOU with IIM Calcutta Innovation Park (the incubation centre under the aegis of Indian Institute of Management, Calcutta) today, for taking forward its Round 2 Startup Fund program. The MOU was signed by Mr. Adhip Nath Palchaudhuri, Director [Service Businesses], Balmer Lawrie and Mr. Subhrangshu Sanyal, CEO, IIM-CIP in the presence of Mr. Adika Ratna Sekhar, Director [HR & CA] and C&MD [Additional Charge], Mr. Sandip Das, Director [Finance], Balmer Lawrie and Prof. Anju Seth, Director, IIM Calcutta.
Encouraged by its success in nurturing innovative ideas and ensuring that the ideas gets translated into successful businesses, Balmer Lawrie 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 startup hunt exclusively for Balmer Lawrie. The selected startups 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 startups enabling them to significantly contribute to the growth and prosperity of our country’s economy.
Speaking on the occasion, Mr. Adika Ratna Sekhar, Director [HR & CA] and C&MD [Additional Charge] 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.”
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 in 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 skills and expertise of a premier knowledge institution helped in achieving desired objectives of this startup program. Kanpur Flowercycling pioneered the technology of flowercycling to transform temple flowers into organic alternatives by engaging marginalised women. RCHobbytech, a solutions designer and system integrator in the field of aerial surveillance industry, made a mark in providing customized geospatial solutions through unmanned systems. Both of them were able to make 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.