IAMAI announces up to $100,000 grant for most innovative EV solution

IAMAI announces up to $100,000 grant for most innovative EV solution
Photo Credit: Pixabay
20 Jan, 2020

In an effort to power the EV (electric vehicle) ecosystem, the Internet and Mobile Association of India startup foundation has launched a Challengathon and is inviting applications from startups that solve the segment’s problems. 

The winning startup will be supported with a grant of up to $100,000, a press statement said.

Over half of the world’s 30 cities with the worst air quality are in India, with Delhi being the most polluted capital. The country is actively looking for cost-effective and viable solutions to improve air quality, reduce noise pollution and secure energy resources.

The #EVChallengathon, as it is dubbed, will be the platform for upcoming startups to solve problems for EV sectors through the use of various technologies and products.  Selected startups will pitch to the jury consisting of industry experts, the statement added.

The last date of submitting entries is 25 January 2020. 

IAMAI was established in 2004 by the leading online publishers, and it addresses the challenges facing the digital and online industry including mobile content and services among others.

The electric vehicles (EV) market has witnessed rapid evolution worldwide with the ongoing developments in the automotive sector. The global automotive industry is on the verge of paradigm shift owing to the technology evolution and strict government regulations being implemented in the space, the statement said.

The global EV market is projected to grow to 24.6 million units by 2026, representing a compounded annual growth rate of 32% from the 2.5 million units sold in 2018, a recent report from Fortune Business Insights had said.

In India, the central government has initiated steps to address the issue of national energy security, vehicular pollution and growth of domestic manufacturing capabilities by introducing 'National Electric Mobility Mission Plan 2020'. 

EV as a sector is witnessing a lot of adoption and reforms lately. Amazon India declared that it will include 10,000 EVs (electric vehicles) to its fleet of delivery in the country by 2025.  

The development comes after the Seattle-based ecommerce giant's CEO and founder Jeff Bezos visited India and announced an investment of $1 billion in the country over the next six years to onboard and digitise MSMEs (micro, small and medium enterprises).

Last month, Gurugram-based incubator, accelerator and co-working space provider Huddle and venture capital firm GrowX Ventures launched India's first accelerator programme for startups in the EV industry.

EVs are slowly getting mainstream, with several automotive giants such as Tata Motors and Hyundai, investing in this segment.