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Heco's project of expansion

Scaling Heco – a regenerative enterprise model

A proven, profitable model now ready for expansion

“A USD 3 trillion global market, with HECO scaling a proven regenerative model to reach a 20% margin and 6x revenue growth within five years.”

Introduction – The problem

Stephan, the founder of Heco, is originally from Belgium. Twenty-two years ago, he moved to India to work with NGOs serving the Munda tribe in the forests of Jharkhand. Living closely with an indigenous community, he observed something fundamental: the problems the NGO tried to solve – poverty, ecological degradation, cultural erosion – were systemic. They were caused by the global economic logic.

He realised that the modern enterprise, designed to extract value, was part of the problem.
And a question emerged :
If the enterprise is part of the problem, can it be redesigned to become the solution?
Can an enterprise be symbiotic, beneficial for all stakeholders, and even regenerative for the environment?

Stephan left the nonprofit sector and moved to the Himalayas (Himachal Pradesh) to test this idea. He founded Himalayan Ecotourism, an experiment in building a symbiotic, regenerative enterprise with the local trekking community.

After a few years, something remarkable happened :
The cooperative trekking team not only improved their income and social cohesion, but initiated a large-scale reforestation and forest-fire prevention program. This model received multiple national and international awards.

Inspired by this success, Stephan replicated the model in Ladakh, where the results were equally strong – economically, socially, and ecologically.

The company evolved into Heco, with a broader vision:
If a regenerative enterprise can succeed in two regions, can it be scaled across the entire Himalayas?
Across India?
Across the world?

HECO’s ambition today is to demonstrate that regenerative enterprises can exist, thrive, and be replicated at scale -offering an alternative to the extractive economy.

The solution – how Heco works

1. Community Empowerment First

Our travel model is rooted in rural partnerships : every trip allows us to engage local associations, support hosts, and channel income into community‑led regenerative projects.

But a sudden and substantial increase of income can destabilize traditional village life if not managed carefully.
So before bringing travellers, we prepare and organise the community :

  • Villagers form Local Associations (LAs) to preserve unity, cooperation, and shared benefit.
  • These associations co-design and lead the tourism experiences.
  • They are also responsible for implementing regenerative activities : restoration, fire prevention, ecological monitoring.
  • Because villagers often lack management capacity, each region is supported by a trained Heco Regional Partner (HRP), who coordinates, ensures quality, and acts as the bridge between community and the core team of Heco.

The result :
A tourism experience that is authentic, community-led, and directly tied to ecological regeneration.

The GHNP cooperative preparing a tree plantation drive

The first cooperative (LA) of Heco
Getting ready for a tree plantation drive in 2019, Himachal Pradesh, India.

AI-powered travel itinerary builder

AI-powered
Discover new regions and unique travel experiences

2. AI-Powered Platform

To bring travellers to these villages, Heco builds an AI-powered platform designed for discovery and scale.

What travellers can do on the platform :
  • Explore lesser known regions and unique experiences unavailable elsewhere
  • Build a custom itinerary with the help of AI
  • Receive automated, transparent pricing
  • Match with compatible travellers to form a small group and reduce per-person cost
  • Book directly and securely
  • Access their Impact Dashboard, which shows the ecological regeneration their trip supports
    (e.g., “Your 10-day trip helped plant 12 trees and protect 2 hectares from forest fires.”)
What the platform enables for Heco :
  • A trusted brand where travellers come to discover new, untouched regions
  • A scalable model, because any local entrepreneur can apply online to become an HRP and onboard their region
  • Lower acquisition costs over time through SEO and regeneration-driven storytelling
  • A replicable methodology for community empowerment in every new destination

Heco’s long-term goal is to become for regenerative travels what Airbnb became for unique stays : the platform people visit when they want authentic, community-rooted, meaningful travel experiences.

The Heco system for scaling regenerative tourism

How It Works : Heco’s Implementation Phases

Phase 1 – Top-to-Down Demonstration (Years 1–2)

A high-investment foundation phase.

  • Launch and stabilisation of the AI-powered Heco platform
  • Onboarding and training of Heco Regional Partners (HRPs) in targeted regions
  • With the HRPs, establishment of Local Associations (LAs) and designing of the regenrative project in all the new regions
  • Deep on-ground presence to build systems, trust, and operational quality

This phase sets the structural and human foundation for long-term scale.

Phase 2 – Transition Phase (Year 3)

Gradual reduction of heavy investment.

  • Operational systems begin functioning more autonomously
  • HRPs and LAs take increasing responsibility
  • AI platform reduces operational load and acquisition costs
  • Marketing becomes more efficient due to early organic traction

The enterprise gradually shifts from set-up to stabilisation.

Phase 3 – Bottom-Up Growth Phase (Years 4–5)

Organic growth accelerates; margins begin to rise.

  • SEO-driven inbound traffic increases through added regions
  • Word-of-mouth from international travellers grows
  • Lower CAC through compounding organic visibility
  • Reduced need for field staff intensity
  • Higher-value foreign travellers increase revenue per visitor

Investment decreases while revenue and efficiency rise.

Phase 4 – Symbiotic Network Replication (Years 5+)

Heco becomes a regenerative ecosystem enterprise.

  • New HRPs onboard themselves into the Heco platform, organically growing our operational footprint
  • Knowledge, standards, and conservation protocols circulate across regions
  • HRPs support each other, forming a distributed resilience network
  • The model becomes replicable across sectors and geographies

This is where Heco evolves beyond tourism into a scalable symbiotic economic model.

Heco expansion phase over 5 years

Economics Overview

Indian responsible Tourism awards, 2019 - Himalayan Ecotourism winner

MULTI-AWARDED SOCIAL ENTERPRISE
Receiving our first award in the field of responsible tourism

Market Opportunity

Total Addressable Market (TAM)

Heco operates at the intersection of adventure, cultural, and sustainable tourism.

Globally, this segment is valued at ~USD 3 trillion today, and projected to grow to USD 15 trillion by 2035, driven by:

  • demand for meaningful and regenerative travel
  • a shift toward community-led and nature-based experiences
  • increasing climate-conscious behaviour among travellers
  • premium travellers seeking authenticity rather than mass tourism

This positions Heco within one of the fastest-growing segments of global tourism.

Serviceable Addressable Market (SAM)

HECO focuses on higher-budget, long-haul international travellers and Indian domestic experiential travellers.

Two main customer groups

1. Foreign travellers (premium market)

  • Average stay: 14 days
  • Typical spend: USD 1,600 per person
  • Today: 25% of HECO’s travellers
  • Year 5: 60% foreign travellers (due to targeted marketing + premium products)

2. Indian experiential travellers

  • Average stay: 5 days
  • Typical spend: USD 220 per person
  • Today: 75% of travellers
  • Year 5: 40% of travellers
Why SAM grows sharply
  • Shift toward foreign travellers → higher avg. revenue per traveller
  • AI-powered platform → higher SEO visibility + conversion
  • Marketing push → more foreign inbound leads
  • Network effect of new regions → more pages, more search queries
  • Brand recognition → steady organic growth that compounds over time
On the Red lake trek in zanskar with a local guide

Charline and Tashi from Photoksar
On the Red and Blue Lakes trek, a Heco exclusive in Zanskar, India.

Revenue Growth Strategy

Paid acquisition → Organic acquisition

Years 1–3 :

  • Strong marketing investment
  • Focus on foreign markets (US, Europe, Australia)
  • CAC supported by a premium segment

Years 3–5 :

  • Compounding organic SEO + word-of-mouth
  • HECO becomes a trusted platform to discover new Himalayan experiences
  • Lower acquisition costs → higher margins

Regenerative Revenue Allocation

HECO embeds regeneration directly into its financial model :

  • 1% of all revenue → sustainable operations (fuel reduction, biodegradable supplies, waste management)
  • 3% of all revenue → regenerative projects (ecological restoration, fire prevention, women’s empowerment)

This ensures that growth → regeneration → more growth.

A French group on a spiritual tour to Ladakh

Europeans travelling with Heco
Enjoying a spiritual journey in Ladakh filled with unique experiences.

Financial Projections (INR crores & USD)

Projections over five years
Year Revenue (₹ Crores & USD) Net margin
Y1 6.9 – 773k -9%
Y2 9.7 – 1,089k 4%
Y3 12.6 – 1,406k 16%
Y4 23.0 – 2,572k 17%
Y5 43.4 – 4,858k 20%

Why margin dips early

Years 1–2 require heavy investment in :

  • marketing
  • platform development
  • regional setup (Top-to-Down phase)

Margins increase as :

  • the foreign customer ratio grows
  • HRPs handle more operations
  • CAC drops due to organic traffic
  • platform automation reduces cost
  • franchise-like scaling drives economies of scale

By Year 5, HECO returns to 20% net margin, matching today’s margin but at 6 – 7x revenue.

Investment Ask

Amount: ₹2.7 Crores (~USD 300k)

Structure: Open to equity, debt, or blended investment.

If fully equity:

  • 18% stake at a ₹14.7 Crore (USD 1,626k) post-money valuation.

Use of Funds

The capital will be deployed across three pillars :

1. AI Platform Development

Building the core engine for scalable, automated, community-led tourism.

2. Marketing Launch

Two years of targeted digital campaigns in foreign markets to rapidly grow the premium segment.

3. Top-to-Down Phase

Field deployment for two years:

  • onboarding new regions
  • training Local Associations
  • recruiting & supporting HRPs
  • establishing high-quality regenerative operations

This phase is essential to maintain authenticity while scaling.

The team

Stephan Marchal Director of Himalayan Ecotourism
Stephan Marchal
stephan@heco.eco

Stephan Marchal

Stephan has spent over two decades working at the intersection of rural development, community empowerment, and social entrepreneurship in India. His journey began with several years in the non-profit sector, working closely with indigenous communities in central and eastern India, before transitioning into building enterprise-led solutions rooted in local ownership.

In 2013, he founded Himalayan Ecotourism with a clear intention: to build a viable business model that could grow alongside local communities, rather than at their expense. Over the years, this approach has evolved into a broader ecosystem of initiatives spanning responsible tourism, women’s empowerment, and ecological restoration across multiple Himalayan regions.

Stephan’s work is grounded in long-term field presence, trust-based relationships with communities, and a belief that economic dignity, cultural confidence, and conservation must move together. Today, he continues to shape Heco as a platform for regenerative travel and community-led development.

Gaurav Pawar

Gaurav’s experience has been shaped through his long-term involvement with Heco and its evolution on the ground. Over the years, he has worked closely with local communities, field teams, and partners across different regions, gaining a deep, practical understanding of how community-led tourism operates in real conditions.

His journey within Heco has allowed him to witness first-hand how trust is built, how collective systems take shape, and how operational choices directly impact livelihoods and ecosystems. This sustained engagement has given him a strong grasp of the day-to-day realities of running responsible tourism initiatives, from coordination and logistics to relationship-building at the village level.

Gaurav’s contribution is rooted in continuity, presence, and adaptability, ensuring that Heco’s principles are translated into practices that work on the ground and can be strengthened as the organisation grows.

Gaurav Pawar, Heco team
Gaurav Pawar
gaurav@heco.eco
Prachi Jetley - Heco
Prachi Jetley

Prachi Jetley

Prachi brings a strong blend of strategic thinking, experience design, and operational execution within the travel and hospitality space. Her background spans technology, travel, and experiential design, with several years dedicated to curating culturally rooted journeys and managing their end-to-end delivery.

She has worked extensively on designing bespoke itineraries, coordinating with local partners, and overseeing complex trip operations, ensuring that traveller expectations, on-ground realities, and meaningful engagement with place remain aligned. Her work reflects a deep understanding of how thoughtful design and careful execution shape memorable travel experiences.

Alongside this, Prachi has been actively involved in community-focused initiatives with Himalayan Ecotourism in the Tirthan Valley, contributing to women’s empowerment, reforestation efforts, and education-related programmes. Her perspective connects traveller experience with social impact, reinforcing Heco’s vision of tourism as a tool for shared value and regeneration.

Shivya Nath

Shivya is a writer, storyteller, and sustainability advocate whose work explores the relationship between travel, environment, and personal responsibility. With years of experience documenting slow travel, conservation, and climate realities, she brings a deep reflective dimension to Heco’s vision.

Her perspective bridges lived travel experiences with broader questions around ethics, impact, and regeneration. Shivya’s engagement helps shape Heco’s narrative as one that challenges extractive tourism models while inspiring travellers to engage more consciously with places and people.

She contributes a strong voice to Heco’s mission of redefining what travel can mean in an ecologically fragile world.

Shivya Nath - Heco
Shivya Nath
Anirban Bhattacharya - Heco
Anirban Bhattacharya

Anirban Bhattacharya

Anirban brings a deep understanding of the corporate world, shaped by extensive experience working with businesses, investors, and institutions operating across complex market environments. His background equips him with a strong grasp of how capital moves, how decisions are made at the board and investor level, and how organisations navigate regulatory and policy frameworks.

He is particularly adept at analysing market forces, structuring growth narratives, and translating long-term visions into frameworks that resonate with investors and strategic partners. Anirban’s perspective helps bridge the gap between mission-driven initiatives and the practical realities of scale, risk, governance, and financial sustainability.

Within Heco, his contribution lies in grounding ambition within real-world economic and institutional logic, ensuring that the organisation’s expansion strategy remains credible, investable, and aligned with broader market dynamics.

Cherian Mathew

Cherian is a tech entrepreneur and three-time startup co-founder with a strong focus on climate and sustainability. Over the years, he has worked on building and scaling digital products and services designed to create a positive impact for both people and the environment.

His experience spans technology, product thinking, and entrepreneurship, with a particular interest in how digital tools can enable systemic change rather than superficial optimization. At Heco, Cherian’s background supports the development of a technology platform that remains deeply aligned with the organisation’s social and ecological values.

He brings a long-term, impact-driven perspective to the role of technology in shaping the future of regenerative travel.

Cherian Mathew
Cherian Mathew
Parul Anand - Heco
Parul Anand

Parul Anand

Parul works at the intersection of artificial intelligence, ethics, policy, and law, with a strong focus on ensuring that emerging technologies are developed and deployed responsibly. Her experience spans global AI policy research, responsible AI governance, and applied ethics, with contributions to both international and India-specific AI initiatives.

She has worked with leading policy and research organisations on questions of AI regulation, fairness, accountability, and transparency, including research on global AI governance trends, responsible scaling frameworks, and bias mitigation strategies. Her work has engaged closely with issues of data ethics, environmental impact, and the social consequences of AI systems, particularly from the perspective of the Global South.

At Heco, Parul’s role is to ensure that the organisation’s use of technology, especially AI-enabled systems, remains ethically grounded and aligned with community realities. She helps embed principles of transparency, fairness, and accountability into the platform’s design, while anchoring technological decisions in local socio-ecological contexts rather than abstract optimisation goals.

Parul brings a governance-oriented lens to Heco’s expansion, ensuring that innovation supports – rather than compromises – trust, dignity, and long-term responsibility.

Videos about the work of Heco

Women-led treks
In the Great Himalayan National Park – Tirthan Valley

Re-inventing tourism in Ladakh
Brigning back tourism, income and hope in the villages of Ladakh.

Tree plantation drives
By our local associations.

First plantation drive
A community-led ecological restoration program emerging from a tourism business

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