Supply Chain Labs, which is an initiative by investment firm Lumis Partners that will handhold and fund startups, and work towards achieving the Government's objective to increase the country's share in the global supply chain.
In line with this, Supply Chain Labs (SCL) has announced the 2020 edition of its successful SCL accelerator program. The program is recognised by Startup India.
The six-month program, which is designed to make early-to-growth stage startups scale-ready, provides them with an initial funding of INR 25 lakh per startup and upto INR 3.5 crore to a select few startups, and also deeply engaged mentoring and access to corporate customers with whom they collaborate to solve complex large scale problems of the industry.
"Our aim is to support a generation of new age entrepreneurs, make them more self-reliant (Atmanirbhar), and boost our 'Make in India' initiative for achieving indigenous economic growth, Ashutosh Mayank, Managing Partner, Supply Chain Labs said in the companys official statement.
The company believes that innovation in the supply chain would be a key path not only to economic recovery in most industries, but shall also be the lifeline for return to normalcy amidst Covid. Through its program, 'Supply Chain Labs Accelerator 2020' the company will nurture and invest in high-potential startups engaged in disrupting supply chain, warehousing and logistics.
"Supply Chain Labs has a strong corporate program that helps companies identify and adopt innovations to optimize their supply chain, warehousing and logistics, one of the big advantages that startups get from the SCL accelerator program is access to corporate customers," Mayank added.
Startups also get credits from partners like FreshDesk, RazorPay and AWS. In the last edition that was successfully concluded in February this year, the company selected nine supply chain startups out of more than 600 that applied. The cohort of nine graduated from the program, showed 2x - 10x growth, and 5 out the 9 raised follow on capital or got merged or acquired by marquee investors.
"As corporations and countries scramble to build resilience in their operations for the post Covid-19 world, they will have to pilot and adopt several innovative solutions. The solutions will need to be quick to deploy, and more importantly, flexible to allow companies to adjust their processes as the market dynamics change. This represents a significant opportunity for startups and developers and our accelerator program is designed to help startups quickly become enterprise-grade and scale-ready," Prajakt Raut, Managing Partner, Supply Chain Labs, said in the company's official statement.
This accelerator program is the latest in the series of offerings by SCL platform. It has been enabling the spirit of innovation across multiple stakeholders in the value chain of logistics. It has been created in close collaboration with MIT's Centre for Transportation Logistics, government bodies like Startup India, large and small corporates like Flipkart, AbinBev, ABB, Tech Mahindra, Delhivery, etc; and world class mentors.