Entrepreneurship Development Institute (EDI) of India, an Ahmedabad based institute, has taken a bold step by investing its money in two startup ventures started by its own students.
The institute has invested a sum of 2.5 lakhs in Returntruck.com launched by Nitin Gupta and a sum of 3.5 lakhs in Restorn-Wheel Food Truck launched by EDI student Utkarsh Gulati.
Returntruck.com is an online aggregator site which helps companies in booking an empty truck returning to its original location.O n the other hand, Restorn-Wheel Truck as the name suggests is a food Truck restaurant. Both the startups are in their early-stage and have not been launched yet.
“This is the first round of funding, so that they can immediately start their ventures. And if they need subsequent support, other players can jump in,” said Prof Satya Acharya of EDI.
Gupta got the idea for Returntruck.com by realising that usually the trucks have return empty from a work destination to their original location.
The site allows companies to book such empty trucks for their own purposes and that too at a discount of twenty percent. According to Gupta, Returntruck.com will be like Ola in truck transportation business.
Similarly, Gulati came up with Restorn-Wheel Truck by taking inspiration from the street food Truck concept of the west. This concept is still to be introduced in an organised format in India. Utkarsh Gulati is a Gurgaon-based chef by profession who recently completed his entrepreneurship education from the institute and immediately struck by the idea of foo-trucks in India.
Gulati plans to open his first food Truck in populated areas of Gurgaon such as Info city, cyber hub and cyber park etc.Stating the reason behind it, he said, ” Our survey and study says that most of the MNC employees hang out at street food joints for their daily lunch and dinner. ”
Gulati further plans to up the ante of street food hygiene through his venture. “My food truck will address both hygiene and pricing,” said Gulati. “We are also developing an app, so that the employees can book their order, which can be delivered inside their office.”
Gulati has big plans mapped out for his venture. He plans to raise funds through venture capitals and expand his business to cities like Bengaluru, Delhi, Ahmedabad and Pune.
According to the ministry, Ahmedabad based Entrepreneurship Development Institute of India (EDII) has developed over 20,000 entrepreneurs and has 3,000 trainers in its institutional network. The institute is also planning to start its own incubation funding facility, which will be a different entity altogether.