Ev2 Ventures & SEA Fund Launches Groundbreaking Mobility Program On Sanchiconnect Platform with Yamaha as Innovation Partner
Selected startups receive INR 75 lacs with a follow-on provisioning of INR 4 crore, along with GTM focussed mentorship by successful founders and domain experts.
Sanchiconnect, a business-oriented platform for deep tech startups, investors, and corporates has announced one of a kind funding led Go-to-Market focused 3-month accelerator program for very early stage sustainability (green mobility) startups in partnership with two micro venture capital funds. Pre-seed Accelerator-Green Mobility, in collaboration with Yamaha as its innovation partner and EV2 ventures and SEA Fund as funding partners, will fund 75 lac INR each in 8 early-stage startups in the green mobility domain. The Applications are open till 31st march, post which the screening, selection will begin alongside due diligence under Desai & Diwanji Law firm as Legal partner to the program.
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.
Karan Mittal, Partner at EV2 Ventures, speaking on the program said, “Ev2 Ventures is one of India’s First Mobility focused venture funds that has a very detailed investment thesis across the Smart Mobility space, And believe that the Mobility sector has a tremendous impact on society by contributing towards environmental developments, economic access and stability. We are extremely excited to partner with Sanchiconnect for the Green Mobility program, to help exceptional founders who are trying to create impact at venture scale across the Mobility sector with sustainable business models and IP around their products.”
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 specialised industry-focused acceleration programme, with notable founders onboard as mentors to hand hold very early stage founders.
Manoj Agarwal, Partner at SEA Fund said, Seafund has its own internal thesis on Climate-tech as a space and what Sanchiconnect is trying to do with this program resonated very well with how we want to go about making investments from our new fund.
We have been very hands-on with our first fund portfolio companies and we expect that our operator mindset, combined with the deep sectoral focus of this program, will help unearth the next set of passionate founders in mobility.
Sanchiconnect was created by Dr. Sunil Shekhawat, a former executive and Head of Products- NASSCOM. It assists deep-tech firms in raising capital by partnering with over 100 investment partners, including angel networks, venture funds and family funds. The company is headquartered in Mumbai and strongly backed by BaringIndia Private Equity Fund and Inflexion Point Ventures.