Accelerating India’s Transition to a Sustainable, Electrified Future • EVreporter

Recognising India’s fast-growing electric vehicle (EV) market, the Atal Incubation Centre (AIC) at the Indian School of Business (ISB) has unveiled VoltUp – a 4-month EV accelerator program. EVreporter is a media partner for the program. VoltUp aims to empower high-potential startups operating in diverse segments of the EV ecosystem. From charging infrastructure and battery technology to low-cost manufacturing, recycling, sustainability, financing, and mobility solutions, the program aims to foster innovation across the board.

EVreporter’s team interviewed Mr. Naman Singhal, CEO at AIC-ISB, to delve into the details of the VoltUp program. Here is an excerpt from the interview.

What inspired the Atal Incubation Centre (AIC) at the Indian School of Business (ISB) to launch the VoltUp EV Accelerator Program, and what is its objective?

The VoltUp EV Accelerator Program was inspired by the immense potential of the electric vehicle (EV) market and the necessity to support startups in this burgeoning sector. Our primary objective is to catalyze innovation, accelerate the growth trajectory of promising EV startups, and contribute significantly to the sustainable evolution of the transportation landscape in India.

What kind of support can the selected startups expect to receive from the program?

Selected startups in the VoltUp program can expect comprehensive support tailored to their specific needs. This support includes access to seasoned industry mentors, networking opportunities with potential partners and investors, specialized workshops and training sessions to enhance their skills and knowledge, assistance in refining their product offerings and validating their market strategies, and guidance in navigating the fundraising landscape and scaling their ventures effectively.

Can you provide an overview of the program’s schedule, including the timelines and various phases participating startups will go through?

The VoltUp program is meticulously structured with multiple phases, each strategically designed to maximize the growth potential of participating startups. It typically encompasses an initial phase of application and selection, followed by an intensive acceleration phase featuring workshops, mentoring sessions, and hands-on support. The program culminates in a high-profile demo day where startups showcase their innovations to a curated audience of investors and stakeholders. Post-program, startups receive continued support to ensure sustained growth and success.

What kind of investors are expected to partner with the program? Would it be possible to share the names of some of the investors?

In our pursuit to empower EV startups, we are forging partnerships with a diverse array of investors ranging from venture capital firms and corporate investors to angel investors and impact investors. Some of the investors who are collaborating with us for the program include Mumbai Angels, Java Capital, Theia Ventures, Transition VC, and more. These esteemed investors bring a wealth of experience and resources to the table, further enriching the support ecosystem available to participating startups.

Apart from the program participation fee, are there any equity dilution or post-investment success fees that startups need to be aware of?

Startups participating in the VoltUp program need not worry about equity dilution or upfront post-investment success fees apart from the program participation fee. However, it’s important to note that there is a post-investment success fee, which is structured to align with the startup’s success. We aim to create an ecosystem where startups can thrive without the burden of unnecessary financial obligations, enabling them to focus entirely on their growth trajectory and market penetration.

How attractive do you think the EV market is from an investor’s perspective compared to other sunrise sectors like fintech, AI, etc.?

From an investor’s perspective, the EV market presents unparalleled opportunities driven by factors such as heightened environmental consciousness, supportive government policies, rapid technological advancements, and evolving consumer preferences towards sustainable mobility solutions. While sectors like fintech and AI are undoubtedly lucrative, the EV market’s potential for disruption and its alignment with broader sustainability goals make it an exceptionally attractive investment avenue.

Do you have any advice for startups operating in the EV domain that are actively seeking investments and are looking to apply to the Voltup program?

My advice to EV startups actively seeking investments and considering applying to the VoltUp program is to prioritize differentiation, scalability, and sustainability in their business models. It’s imperative to articulate a compelling value proposition, demonstrate tangible market traction, and outline a clear pathway for growth and expansion. Leveraging the resources, mentorship, and networking opportunities provided by programs like VoltUp can significantly enhance the visibility and credibility of startups, thereby increasing their attractiveness to potential investors.

About VoltUP Program

Key Focus Areas:

• EV Manufacturing
• Charging Infrastructure
• Battery Technology
• Recycling & Sustainability
• E-Mobility

Program Offerings:

• Need Assessment
• Masterclasses & Workshops
• One on One Mentoring
• Market Access & Scale-up Support
• Fundraising Support
• Networking
• Strategic Partnerships
• Startup Toolkit

Eligibility Criteria:

To be eligible for VoltUp, startups must meet the following criteria:

• Minimum 1 year of incorporation
• Post MVP stage or advanced product stage
• Pre-revenue stage with scalability potential
• Open exclusively to startups incorporated in India

Program application fee: INR 20,000 + GST

Timelines

• Application Deadline: 10^th May’24
• Shortlisting and Evaluation: May’24
• Program Phase: June’24 to September’24
• Demo Day (Investor Pitching): October’24

Shortlisted startups will be notified and provided with further instructions and details regarding their participation in the program.