In a significant move towards fostering innovation and growth in the food industry, FigFax and LNCT University, Bhopal has announced a strategic partnership with Kalchuri LNCT Launchpad. This collaboration aims to provide extensive support to food businesses in central India, offering business acceleration and funding support. Under this initiative over 50 brands will be mentored and fast tracked within the next year.
Businesses eligible to participate in the program will span various industries, including food processing, dairy and mechanization, quick-service restaurants (QSR) and dining establishments, poultry, logistics, warehousing, infrastructure and mechanization, packaging, beverages, and more.
The Indian food and beverage sector has remained a dynamic and resilient industry for decades. The amalgamation of diverse culinary traditions, a burgeoning middle class, and shifting consumer preferences has created an exceedingly fertile ground for food businesses to flourish. However, while the potential for growth is boundless, many startups and emerging brands often find themselves grappling with the challenges of accessing the resources and mentorship essential for effectively scaling their operations.
Recognizing this gap, the collaboration between FigFax and LNCT University aims to be a game-changer. It aspires to usher in a new era of food business in India. With a particular focus on funding, mentorship, and tailored acceleration programs, this initiative seeks to empower entrepreneurs and startups in the food sector.
Dr. Anupam Chouksey, Pro-Chancellor, LNCT University, expressed his best wishes for the success of the program and said, “This visionary program is set to make Bhopal-central India as the hub for food processing industry. With a dedicated focus on the food and beverages sector, this initiative is poised to bring about significant job creation and overall regional growth. Through the launch of the program we are set to revolutionize this sector in the region.”
Ashu Agrawal, Founder and CEO of FigFax, expressed his excitement about this partnership, saying, “At FigFax, we believe in the food business and the potential of many emerging brands in this space.The launch of this partnership with LNCT Launchpad is an exciting step for FigFax (SnackFax). We are thrilled to join hands with an institution that shares our vision to foster innovation and foster the entrepreneurial spirit. This collaboration deeply aligns with our commitment to drive positive change in the food industry. Together, we set out to build a powerful platform.
Startups and emerging food brands participating in this program can expect a range of benefits. The collaboration between FigFax and LNCT University will offer financial support, access to seasoned mentors, and personalized acceleration programs. These resources will be tailored to address the unique challenges faced by food businesses in India, from sourcing quality ingredients to building sustainable supply chains and reaching wider markets.
The partnership aims to provide startups with the necessary tools and knowledge to scale their businesses successfully. This includes guidance on product development, marketing strategies, financial management, and more. Moreover, the program will foster a collaborative community of food entrepreneurs, encouraging the sharing of ideas and best practices.
As the partnership between FigFax and LNCT University takes shape, additional details regarding the application process for food startups to participate in these programs will be unveiled shortly.
