Amitabh Kant tells founders “Think new ideas”, at launch of mentoring platform for EV startups

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Published: November 13, 2019 8:20:50 PM

LetsVenture, which helps startups in curating themselves, getting discovered, and helping them raise funding, launched Electric Vehicle (EV) Innovation Labs -- a platform for startups in the electric vehicle space to seek mentoring and investment.

structural reform, economic growth, Amitabh Kant, economy news, niti aayog, RBI, economy “We are open to listening to new ideas and pushing them, so I encourage all founders to push the envelope,” said Niti Aayog CEO Amitabh Kant.

Digital platform to connect startups and investors for funding LetsVenture on Wednesday launched LetsAccelerate —  a programme for public and private startup accelerators and incubators to outsource their frameworks, curriculum, insights, sourcing of startup applications, skill-building programmes in form of boot camps, workshops, assistance in funding for startups to LetsVenture. The online platform that helps startups in curating themselves, getting discovered and helping them raise funding also launched Electric Vehicle (EV) Innovation Labs — a platform for startups in the electric vehicle space to seek mentoring and investment. This was launched by Niti Aayog CEO Amitabh Kant.

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The government, in order to support EV startups, had cut GST rate on EVs to 5 per cent in comparison to 28 per cent for combustion engines even as it created Rs 1.5 lakh tax exemption to drive more EV sales, according to Kant. “We are open to listening to new ideas and pushing them, so I encourage all founders to push the envelope,” he said adding that the government will soon push for establishing bigger factories for battery manufacturing. “Every year LetsVenture evaluates thousands of startups and showcases hundreds of startups to investors – this has given us a vantage perspective on what investors are looking for,” said Shanti Mohan, Co-founder and CEO, LetsVenture.

The government had in 2017 set an ambitious target of switching to 100 per cent electric cars by 2030 that was later diluted down to 30 per cent. EV sales in India reportedly jumped from 56,000 vehicles (including two, three and four-wheelers) in FY18 to 7.59 lakh in FY19 even as the government is hopeful of increased adoption of EVs ahead. LetsVenture, founded in 2013 has facilitated investment worth Rs 600 crore in more than 220 startups. The platform currently has over 6,500 investors, 120 micro funds, 200 institutional investors and over 150 family offices. It is also a SEBI-registered alternative investment fund with Rs 120 crore of assets under management.

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