early-stage EV startups to participate in green mobility program
New Delhi 27th March 2023: In collaboration with leading micro venture funds in mobility and Yamaha as Innovation partner, Sanchiconnect- a business-focused network for deep tech startups, investors, and corporates, launched a preseed green mobility program for Indian EV startups in early March. This will be a 3-month accelerator program with a Go-to-Market emphasis and fund infusion by three micro venture capital firms, targeting very early-stage sustainability (green mobility) businesses. Eight early-stage entrepreneurs in the field of green mobility will get Rs 75 lac INR each from the Pre-seed Accelerator-Green Mobility, in partnership with ThinKuvate, EV2 Ventures and SEA Fund as financial partners. The deadline for applications is March 31. After that date, screening and selection will start, along with due diligence, with Desai & Diwanji Law Firm serving as the program’s legal partner.
With only 4 days left before the deadline, the platform has received an overwhelming response from its partners for its upcoming accelerator program which has already received more than 200 applications.
“ThinKuvate is excited to partner with SanchiConnect for their Green Mobility programme,” said Ghanshyam Ahuja, Managing Partner, ThinKuvate. The EV industry in India is expanding rapidly, with more startups entering the market, and we will like to be a part of this journey. With 200 startups already registered, we are confident that this programme will turn out to be a go-to place for the EV startup ecosystem.”
The mobility sector is projected to reach a global market size of $2.7 trillion by 2030, with India’s CAGR expected to be 49% compared to the global average of 22%. It is estimated that there will be 50 million electric vehicles (EVs) plying on Indian roads by 2030 and the micro-mobility market size in India is pegged at $60 billion. Additionally, it has been predicted that 80% of the retail vehicle finance market in India would go towards EV financing, amounting to an estimated figure of $320 billion for smart transportation and connected logistics by 2030. Green Mobility is a Sanchiconnect initiative in collaboration with green mobility-focused venture funds supporting IP lead businesses in contributing towards the growing mobility startup ecosystem.
Yamaha has been a global innovation leader in the automotive industry. We are committed to providing our stakeholders with world-class solutions across all domains. With “Green Mobility-Preseed Accelerator,” Yamaha is excited to explore and learn the breadth of mobility-focused open innovation in India, as well as provide mentorship and market access support wherever it aligns with Yamaha’s objectives, said Sanjay Singh, MD of Yamaha Motor Solutions India.
One key driver of this growth is consumer demand for sustainable transportation solutions that reduce emissions and improve air quality. Additionally, government incentives such as tax credits for electric vehicles (EVs) have made EVs increasingly accessible to consumers and with this Pre-Seed accelerator program, Sanchiconnect is aiming to support very early-stage green mobility startups in terms of getting funding and mentorship support from the industry. Applications for this program will be accepted until the 31st of March. This 90-day program will start on 1st May and conclude on 30th July. The selected startups to receive funding can get up to Rs 4 crore, while each startup will get a minimum of Rs 75 lacs at the first stage of the program. Moreover, industry experts will be available to provide real-time experience and learning to the young entrepreneurs in developing their startups and helping them become competitive in the market through the Founders helping Founders initiative. This is India’s first specialized industry-focused acceleration programme, with notable founders onboard as mentors to hand-hold very early-stage founders.
