Rising Star Tours & Travels (RSTT) to support travel startups with 10 million funding
New Delhi, 15th July 2019: Rising Star Tours & Travels (RSTT), one of the leading tour and travel companies in Delhi, has recently announced that it will support potential startups in Indian tour and travel industry with a funding of 10 million (INR 1 crore). Besides, the 21-year old company will offer acceleration and incubation programmes to several startups that will them to flourish, and raising the growth bar of the entire industry. The application procedure for the funding, acceleration, and incubation procedure has begun and RSTT is already in talks with several companies.
Startups will be shortlisted on the basis of their business model, service portfolio, expansive network, and PAN-India scope. The post-revenue and tech-oriented startups will be given first preference as this initiative is directed towards bringing innovation in the industry. The startups that will match RSTT’s eligibility criteria will be provided with frequent incubation programmes spanning across one year or two along with funds. In exchange of 10 million (INR 1 crore) funding, RSTT’s equity stakes in startups may vary from 2-5 per cent, depending on the potential and performance of the startup.
Talking about it, Amit Jain, Founder, Rising Star Tours and Travels said, “Despite being a fragmented and unorganized sector, the travel and tourism sector in India had accounted for 8 per cent of employment opportunity in the year 2017. Both inbound and outbound tourism has also grown in the past few years. And, this year only, UP government allocated INR 720 crore for development of tourism infrastructure. All these indicate the underlying potential of the tour and travel industry. As a majority of the potential startups fail to make a change because of the insufficient funds and resources. We would like to support them in every possible way that can make this industry a significant contributor to the Indian economy.”
The Delhi-based RSTT enjoys a good rapport in the global tour and travel industry. It is accredited by the International Air Transport Association (IATA), Travel Agents Association of India (TAAI), Travel Agent Federation of India (TAFI), United Federation of Travel Agents’ Association (UFTA), and Association of Domestic Tour Operators in India (ADTOI).