On January 2, 2024, Balmer Lawrie & Co. Ltd., a diversified Miniratna I Public Sector Enterprise under the Ministry of Petroleum and Natural Gas, Government of India, announced an equity investment of ₹1 crore in NapTapGo, an innovative startup in the hospitality sector.
NapTapGo is set to transform the hospitality industry with its unique concept of affordable yet luxurious pod hotels, providing high-quality, quick stays across India. The startup is integrating cutting-edge technologies like AI and IoT to enhance hygiene, service quality, and overall customer experience, making it a promising player in the evolving hospitality market.
In line with the Government of India’s Startup India initiative, Balmer Lawrie is committed to fostering innovation and supporting the startup ecosystem through its annual Startup Fund program. As part of this commitment, Balmer Lawrie has partnered with IIM Lucknow’s Entrepreneurship & Innovation Cell (EIC), a leading incubator, to offer startups essential incubation support, mentorship, and industry connections.
During the Share Subscription and Shareholder Agreement (SSHA) signing at Balmer Lawrie headquarters in Kolkata, Mr. Adhip Nath Palchaudhuri, Chairman & Managing Director and Director [Service Businesses] – Additional Charge said, “I am thrilled to announce an investment of Rs. 1 crore, as part of the Balmer Lawrie Startup Fund program, in NapTapGo, a one of its kind pan India Pod hotel chain that has the potential to revolutionise the hotel industry.
He further added, “We firmly believe that investing in innovation and supporting emerging entrepreneurs will contribute significantly to nation-building and further the ‘Make in India’ initiative. The investment decision is driven by the purpose to add value as a strategic partner through industry connections, offering guidance, and leveraging networks to help them thrive in its sector.”
Mr Nitin Malhotra, Founder of NapTapGo said, “Balmer Lawrie’s investment in NapTapGo is a testament to the Government’s commitment to fostering innovation in the tourism sector by supporting scalable, global solutions that cater to the needs of the masses and align with the aspirations of New India. This partnership highlights the Government’s focus on empowering Indian Startups like NapTapGo to not only originate from India but also emerge as leading players in the $1,400 billion global hospitality market. We are proud to contribute to this vision and look forward to redefining the short-stay experience for travellers worldwide.”
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in securities market are subject to market risks, read all the related documents carefully before investing.
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