Restron-Wheel Food Truck and Return Trucks are two student-launched start-ups that are being funded by the students’ institute, Ahmedabad-based Entrepreneur Development Institute of India (EDII). Restron-Wheel Food Truck is a food truck restaurant that has been launched by Utkarsh Gulati and has received funds worth Rs. 3.5 lakh. On the other hand, Return Trucks, launched by Nitin Gupta, another EDII student, has got funds worth Rs. 2.5 lakh.
“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 EDII.
EDII is also being approached by angel investors who wish to contribute to such potential projects. However, since EDII is a trust, it cannot acquire any equity or take any stake in any of the start-ups. “Over a period we plan to start our own incubation funding facility, which will be a different entity altogether,” said Prof Acharya.
Return Trucks concept arises from the fact that truck operators and owners usually return with their trucks empty. The company allows such vehicles to be booked with a 20% discount. According to founder Nitin Gupta, the company aims at being the Ola of truck transportation.
Utkarsh Gulati of Restron-Wheel Food Truck is targeting MNC employees of Gurgaon that mostly have to resort to street vendors for their daily lunch and dinner. These vendors are usually not hygienic when it comes to their product and Gulati plans to solve this problem by providing hygiene and affordable pricing. Moreover, he is also aiming at expanding in other cities like Delhi, Ahmedabad, Pune and Bengaluru and also working towards a mobile app that helps in delivering food straight to the offices.
