Nearly 50% of people in India use non-motorised forms of transport: Walking (32%) and Cycling (19%) in their daily commutes to work . While many are economically capable of choosing their preferred mode of transport, many more cannot afford motorised mobility solutions like scooters and motorbikes. This reality is underscored by the fact that most of the estimated 110 million cycles plying on our roads are humble roadster bicycles. This lack of affordable motorised transport solutions adversely affects productivity, increases drudgery and geographically constrains people’s livelihood opportunities. These problems get further accentuated in the case of last-mile delivery personnel who use bicycles to complete their daily tasks.
Social Alpha and FedEx have come together to support ventures working towards building affordable personal motorised transportation solutions through a year-long accelerator program. As part of the program, they will receive support in product development, GTM strategy, and access to new markets.
FOCUS AREAS
Lack of access to affordable motorised transport solutions negatively affects productivity, increases drudgery, and limits people’s livelihood opportunities. The underserved communities in urban areas who earn livelihoods by working in last-mile logistics are the most affected as they are forced to walk/cycle long distances. The program aims to tackle the problem faced explicitly by such communities.
We believe electric bicycles (E-Cycles) represent the most affordable innovation to solve this problem. They are versatile enough to fulfil many day-to-day tasks and simultaneously promise a good range at a meagre operational cost. Being a cycle, it also addresses the range anxiety often associated with Electric Vehicle ownership. E-Cycles are one of the faster ways to commute in urban areas, considering the heavy traffic during peak hours. They are mechanically simple to repair, and the electrical components often deliver high reliability.
Through this program, Social Alpha, supported by FedEx, seeks to curate and help develop two ventures with e-cycle innovations that can optimally tackle this challenge. The objective is to create electric cycles-based solutions that work for the marginalised and underserved communities without compromising quality and user experience. Through the program support, the two ventures will customise their solutions to the needs of the target communities, deploy them at an affordable price and sustainably expand to new geographies. Thus, reducing drudgery, improving income and enabling better livelihood opportunities for the target customers.
Program Offerings
The program aims to accelerate the development of two ventures which have made innovative products to make sustainable motorised mobility affordable.
Following are the program offerings for the selected ventures from Social Alpha:
De-risking the start-ups’ expansion to new geographies through market access funding, thereby enabling access to new markets and customer segments
Supporting product development through Social Alpha’s prototyping infrastructure and network partners
Access to Social Alpha’s co-working spaces in Delhi, Bangalore and Mumbai
Assistance with developing the go-to-market strategy, fundraising strategy and overall business advisory for ten months
Enable greater visibility to the innovators and unlock new opportunities
Access to Social Alpha’s shared support services in the domains of Legal, Branding & Marketing, Accounting, Taxation, Intellectual Property and Hiring
Potential seed investment from Social Alpha
Mentorship sessions with FedEx experts on Product refinement, Sales and GTM.
SELECTED START-UPS
Mag9
Mag9 is a Mumbai-based company developing e-bikes for logistical services. An affordable vehicle with a high range per charge, customizable power modes & multiple cargo modifications. The vehicle comes with a mid-drive transmission and integrated electronics architecture.
Accelero
Accelero Vehicles is a Delhi based company that has created a cost-effective portable electric engine named “eBik Smart” which can convert any existing bicycle to an electric bicycle with a host of smart features in under 15 minutes.
Frequently Asked Questions
The program’s activities are spread across ten months. Selected start-ups will work with allotted Portfolio Managers from Social Alpha team. The start-ups will receive support on market access, product development, and strategy along with potential seed investment. Social Alpha and FedEx will conduct knowledge sessions, workshops and mentorship sessions for the founders.
The on-ground implementation is an eight-month-long period. During this period, the start-up will be introduced to various implementation partners who will assist the company in its expansion to new geographies. The companies will be assisted in identifying and connecting with the suitable target customer base.
Winners will receive an incubation program covering one or many of the following depending on an exhaustive assessment of their needs -
- Market Access Support - De-risking the start-ups’ expansion to new geographies through market access funding, thereby enabling access to new markets and customers
- Product Development - Supporting product development through Social Alpha’s advanced prototyping infrastructure and network partners
- Office Space - Access to Social Alpha’s co-working spaces in Delhi, Bangalore and Mumbai
- Dedicated Portfolio Management – Assistance with developing the go-to-market strategy, fundraising strategy and overall business advisory for ten months
- Communications Support - Enable greater visibility to the innovators and unlock new opportunities
- Shared Support Services - Access to Social Alpha’s shared support services in the domains of Legal, Branding & Marketing, Accounting, Taxation, Intellectual Property and Hiring
- Seed Capital - Potential seed investment from Social Alpha
Support from FedEx –
- Mentorship sessions with FedEx experts on Product refinement, Sales and GTM.
- Potential market access support within the FedEx ecosystem
Mentoring is one of the program’s core offerings as a part of continuous engagement.
There will be a frequent interface between the winning start-ups and the implementation team. Fortnightly cadence calls will take place with each of the start-ups, which will be used to monitor and assess their progress and a platform to cater to the requests of each start-up specifically. Each start-up will also be allocated a portfolio manager to help with customised requests who will continually and regularly engage with them.