Amitabh Kant launches LetsVenture’s EV Innovation Lab

Amitabh Kant launches LetsVenture’s EV Innovation Lab
Amitabh Kant
13 Nov, 2019

Bengaluru headquartered angel investing platform LetsVenture has announced a new initiative called EV Innovation Lab, which will be a one-stop platform for electric vehicle makers, investors and associated stakeholders. The platform was formally launched in Delhi today by Amitabh Kant, CEO of the central government’s policy think tank NITI Aayog. 

EV Innovation Lab will help identify, nurture and fund high potential startups in the electric vehicle or EV space via deep-engaged mentoring, access to capital and access to industry, LetsVenture said in a statement. 

“Look at what startups are doing in the e-mobility space. We are proud of them and want to support them. We have created special policy measures by slashing GST on EVs to 5% versus 28% for combustion engines. We’ve created a Rs 1.5 lakh tax exemption to encourage consumers to buy vehicles and of course the FAME II scheme to push electric mobility,” Kant said in the statement.

Omkar Rai, director general at Software Technology Parks of India also unveiled LetsVenture’s LetsAccelerate platform. LetsAccelerate will utilize its parent’s experience of having enabled fundraises worth over Rs 600 crore for 220 and more startups, to help accelerators and incubators manage their programmes effectively and make their startups better prepared for fundraising.

LetsAccelerate will offer accelerators and incubators services such as frameworks, curriculum, insights and best practices, help in sourcing applications and curating cohorts, skill-building programmes in the form of boot camps, workshops, online resources and end-to-end programme management of accelerator or incubation programmes.

To lead LetsAccelerate as its managing partner, LetsVenture has brought in Prajakt Raut, former head of operations at Indian Angel Network.

Founded in 2013 by Shanti Mohan and Sanjay Jha, LetsVenture works with startups and investors on discovery, personalised connects, syndication and paperwork closure, followed by quarterly portfolio reporting. The 41-people team is based in Bengaluru and Delhi. It is backed by venture capital firms Accel and Chiratae Ventures and HNIs such as Nandan Nilekani, Sharad Sharma, Anupam Mittal, Ratan Tata, Rishad Premji and Mohandas Pai. 

The launches took place at the LetsIgnite event in Delhi. Kant also released the ‘EV PitchBook’ by Energy Alternatives Institute (EAI) and LetsVenture, a report that maps the startup and investment landscape for EVs in India, at the event.