Lumis Partners launches acceleration programme for supply chain startups
For the two-month long acceleration programme, the PE firm has joined hands with AWS as its technology partner, Yes Bank as corporate innovation partner, and MIT (Massachusetts Institute of Technology) as an academic partner.Rashi Varshney
Gurugram-based private equity firm Lumis Partners, which has backed startups like Altizon Systems, Wheebox, and SHEROES among others, has launched an acceleration programme for supply chain startups. Called Supply Chain Labs, it aims to harness the growth potential of supply chain startups in India.
For the two-month long acceleration programme, the PE firm has joined hands with AWS as its technology partner, Yes Bank as corporate innovation partner, and MIT (Massachusetts Institute of Technology) as an academic partner. As part of the programme, select startups will get an opportunity to spend some time at MIT Zaragoza, Spain.
“Lumis has traditionally invested in the supply chain in the US, as it felt the market is still a bit non-conducive to Indian supply chain startups till 2017-2018. But with changing macro-economic conditions, ease of doing business, regulatory changes like GST and e-way bill, things have taken a big positive turn. The space is now more ripe for technology-based optimisation, which is why Lumis is now ready to invest in this space in India as well,” said Ashutosh Mayank, Vice president, Lumis Partners.
Lumis Partners will be offering these startups mentorship from industry experts, a two-week long academic programme with MIT, which will cover fundamentals and global best practices in the supply chain, and exposure to corporates who will be interested as potential clients and connect with other investors. “All of this in a light touch model because we fundamentally believe that startups should be augmented, not totally consumed by this programme,” said Ashutosh.
Lumis Partners has already started inviting applications for the programme, and is looking to on-board a cohort of 7-10 startups. “The jury round will begin by mid-August, the acceleration phase will begin in September, and the programme will conclude with a demo day by October end,” tells Ashutosh to YourStory.
The PE firm is looking for early-stage startups with an MVP in place and recurring revenue from two clients or ecosystem partners and direct revenue models in the supply chain domain. “Post the acceleration phase, all startup's progress over the course of the programme will be assessed. The startups showing the highest potential for growth will give themselves a chance to secure funding from Lumis Partners,” tells Ashutosh.