Global port operator DP World, on October 11, announced the launch of its accelerator programme Log-X to encourage innovation and technology adoption in the Indian logistics sector. The programme will be in collaboration with Invest India, Kerala Start-Up Mission and its accelerator partner Startup Réseau.
Log-X is an accelerator programme for entrepreneurs working in logistics and other sectors associated with it to leverage digital technology that can develop smart trade solutions. The programme will focus on technologies like blockchain, artificial intelligence (AI), robotics, simulators and the Internet of Things (IOT).
Rizwan Soomar, CEO and MD of DP World Subcontinent, said that the technology adoption and innovation in the logistics sector will make the end-to-end solutions for cargo owners stronger. Moreover, it will bring transparency, reliability and predictability in the supply chains across the country, he added.
The platform will be selecting 10 logistics-focused technology startups through the Startup India portal. The startups will be mentored by DP World leadership team and some external mentors as well. With the programme, Log-X aims to establish a long term partnership, strategic engagement and proof-of-concept development with the shortlisted startups.
“Logistics industry acts as an enabler not just for export, but also for all businesses to both source and deliver goods across the country. Technology today makes it possible to increase productivity across the supply chain and minimise costs and errors,” said, Dr Saji Gopinath, CEO Kerala Startup Mission, in a press release.
According to reports, the Indian logistics sector is currently valued at $160 Bn and is expected to reach $215 Bn by 2020. The Economic Survey 2017-18 states that the Indian logistics sector provides a livelihood to more than 22 Mn people, and improvement of the sector will facilitate a 10% decrease in indirect logistics cost leading, which will account for 5 to 8% growth in exports.
According to Datalabs by Inc42, between 2014 and H1 of 2019, logistics startups in India have raised over $2.05 Bn funding across 150 deals.