Zypp, Venture Catalysts organise innovative challenge programme for EV startups, Auto News, ET Auto

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The opening date for applying for this challenge started on October 10 and will close on October 30, 2021.
The opening date for applying for this challenge started on October 10 and will close on October 30, 2021.

New Delhi: EV Logistics Tech delivery startup Zypp Electric on Thursday said it has partnered with the early-stage incubator Venture Catalysts to support budding EV Startups by organizing an innovative challenge programme named Zypp EVolveS1.

Zypp Electric said it will support all startups working in different fields such as electric vehicle manufacturing, logistics, drones, autonomous vehicles, batteries, BMS, EV service and maintenance, motors, controller, technology/AI/ML/IoT/analytics and charging infrastructure.

According to a media release, startups under this drive will get a chance to present to Venture Catalysts and get funding of up to $200k by Venture Catalysts and Zypp Electric. They will get committed business scale-up opportunities with Zypp of orders up to INR 5 crore. Zypp Electric will provide them with Incubation support, they get to work at Zypp Electric’s office free of charge for prototyping and testing for up to 3 months and Zypp will also provide them mentorship from top industry leaders.

The opening date for applying for this challenge started on October 10 and will close on October 30, 2021.

Akash Gupta, co-founder and CEO of Zypp Electric, said, ”This drive is for every individual, company or budding startup who has disruptive and innovative ideas. While we are doing so many things in building the right EV ecosystem at Zypp, this challenge is intended to further bolster our EV mission of a sustainable world.”

“We aim to revolutionise the EV and logistics industry together with younger talent. It will not only give recognition to these startups or individuals but will give them exposure and insights from industry leaders and also committed business and partnership opportunities of scaling with Zypp,” he added.

Apoorva Ranjan Sharma, MD, Venture Catalysts, said, “Venture Catalysts believes that startups relying on clean energy are going to be the next big thing and hence we support the EV economy. We are extremely bullish on Zypp, our portfolio startup, which is already a leader in the EV segment. This initiative could be a great platform for younger teams, startups and individuals to get business and funding opportunities via Zypp and Venture Catalysts.”

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​Mehta has extensive experience of over a decade in building businesses for Mahindra & Mahindra and Kotak Mahindra Bank. Previously, he was working as Business Head and Vice President for the consumer business at Cars24 where he built the B2C and C2C business from scratch and scaled it to $200 million, according to a statement.

“The asset financing approach makes us utilise the equity raised very efficiently. We were the first ones in the EV industry to start this almost three years back,” Agarwal added.

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