Ev2 Ventures And SEA Fund Launches Mobility Program On Sanchiconnect

Updated on: 3 March 2023 4:32 pm

The chief minister said a committee would be constituted to decide all the modalities and specifications for the prototype e-buses under the chairmanship of the state chief secretary

Manufacture Himachal-Specific Prototype Electric Buses, State Chief Minister Tells EV Makers Photo: The chief minister said a committee would be constituted to decide all the modalities and specifications for the prototype e-buses under the chairmanship of the state chief secretary

Sanchiconnect, a business-oriented platform for deep tech start-ups, investors and corporates has announced go-to-market focused 3-month accelerator program for very early stage sustainability (green mobility) start-ups 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 Rs 75 lakhs each in 8 early-stage start-ups in the green mobility domain. The applications are open till March 31, post which the screening, selection will begin alongside due diligence under Desai and 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 per cent compared to the global average of 22 per cent. 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 per cent 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 start-up ecosystem.

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"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,” said Karan Mittal, partner at EV2 Ventures.

The 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 start-ups in terms of getting funding and mentorship support from the industry.

Applications for this program will be accepted until the March 31, 2023. This 90-day program will start on May 1 and conclude on July 30. The selected start-ups to receive funding can get up to Rs 4 crore, while each start-up will get a minimum of Rs 75 lakhs at the first stage of the program.

Moreover, industry experts are said to be available to provide real-time experience and learning to the young entrepreneurs in developing their start-ups and helping them become competitive in the market through the Founders helping Founders initiative.

"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," observed Manoj Agarwal, partner at SEA Fund.