India Accelerator Floats New Vertical To Back Startups In Cleantech Space

Startup nurturing platform India Accelerator has floated a new vertical to back businesses operating in cleantech sectors.

The vertical will offer support to startups aligned with sustainability business models, waste reduction, energy efficiency and climate change, IA said in a statement. 

Under this vertical, India Accelerator will write a cheque of INR 1.5 Cr to each startup via its Finvolve Accelerator Fund. 

Besides, it will also allocate INR 4.1 Cr to each startup through the Finvolve Seed Fund to support growing startups looking for expansion.

It is pertinent to note that Finvolve is a joint venture of India Accelerator & Finolutions, aimed at enabling wealth managers across the country to explore the nuances of investing in the startup ecosystem.

The vertical will provide an extensive growth framework for clean energy, e-waste recycling, lithium-ion battery manufacturing, biotechnology, and decentralized water treatment startups, the statement further added. 

Apart from this vertical, it has dedicated verticals for startups in different niches like RUMS for robotics and unmanned systems, energy & mobility, GenAI and media entertainment & gaming.

India Accelerator’s founder and CEO, Ashish Bhatia, said, “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.”

India Accelerator’s Managing Partner Deepak Nagpal, said, “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.”

According to a report, the global Circular Economy is expected to touch $4.5 Tn by 2030. Moreover, incorporating circular practices in India could result in $624 Bn in savings across construction, food and agriculture, and mobility by 2050.

Earlier in May, India Accelerator launched RUMS (Robotics, Unmanned & Space), a separate vertical to back the robotics and unmanned start-up ecosystem. 

The platform offers seed-stage funding for tech startups in India and the UAE to fast-track their growth and help with global expansion. 

It invests through SEBI-approved alternative investment funds (AIFs), facilitated by strategic tie-ups with angels, VCs and GAN (Global Accelerator Network) partners.

It claims to have over 225 startups in its cohorts, with two-thirds of them successfully raising follow-on funding and one-third of them making healthy exit. 

Currently, its portfolio includes more than 30 active startups, including Brainwired (livestock health monitoring), Farmology (empowering small farmers with sustainable agriculture practices), SustainKart (marketplace for sustainable products), eVolt India (EV charging), Prophaze (cloud security), Task Tracker (task management) and Avenue Growth (staffing) among others.