India Accelerator Unveils New Initiative to Support Startups in the Cleantech Sector
In a significant move aimed at driving innovation in the cleantech industry, India Accelerator has announced the launch of a dedicated vertical to support startups focused on clean technology. This initiative underscores the platform’s commitment to businesses that prioritize sustainability, waste reduction, energy efficiency, and tackle climate change. The newly established vertical is designed to propel startups with a sustainability-centric business model towards substantial growth and expansion.
India Accelerator is not new to nurturing startups across various sectors. However, its decision to spotlight the cleantech space comes at a critical time when the world is grappling with the profound impacts of climate change and environmental degradation. The cleantech vertical will benefit from an allocation of INR 1.5 Cr for each startup through the Finvolve Accelerator Fund. Additionally, a substantial sum of INR 4.1 Cr will be allocated per startup through the Finvolve Seed Fund. These funds aim at supporting the scaling efforts of burgeoning startups seeking to expand their operations and impact.
The incorporation of Finvolve, a collaborative venture between India Accelerator and Finolutions, marks a strategic effort to democratize access to the startup ecosystem for wealth managers nationwide. The initiative is keen on investing in startups that are innovating in clean energy, e-waste recycling, lithium-ion battery manufacturing, biotechnology, and decentralized water treatment, among other areas.
Apart from its cleantech-driven endeavors, India Accelerator has also established dedicated verticals catering to diverse niches. Notably, these include RUMS for robotics and unmanned systems, and dedicated streams for energy & mobility, GenAI, and media entertainment & gaming startups.
Ashish Bhatia, the founder and CEO of India Accelerator, highlighted the organization’s mission by stating, “With the new thesis, we aim to bring together the startups and key stakeholders onboard to redefine resource use and focus on building a regenerative future.” This comment reflects a strong inclination towards fostering innovations that promise a sustainable and eco-friendly future.
Deepak Nagpal, Managing Partner at India Accelerator, further emphasized the importance of embracing a circular economy. He remarked, “The circular economy opportunity is inevitable amid a widening demand-supply gap and excessive dependence on imports to meet energy requirements. With our recent endeavour, we aim to promote responsible consumption and production and fuel the growth of these startups.” This initiative is in line with global economic trends that project the Circular Economy to reach $4.5 Trillion by 2030. Additionally, adopting circular practices could result in savings of $624 Billion across construction, food and agriculture, and mobility sectors in India by 2050.
India Accelerator’s strategic focus on the cleantech space is not just a testament to its vision for a sustainable future but also aligns with global sustainability goals. With a record of supporting over 225 startups, of which two-thirds have successfully raised follow-on funding, India Accelerator continues to be a pivotal force in the startup ecosystem. The introduction of its cleantech vertical promises to usher in a new era of innovation and growth for sustainable technology startups, poised to make a meaningful impact on both the economy and the environment.
