CEAT Tyres launches startup competition ‘Excellerator’ for mobility businesses
Applications will be open from August 26, 2019 to September 30, 2019 with Grand Finale to be hosted in November. Winner(s) stand a chance to not only raise capital but also gain mentoring and operational support through CEAT.
Mumbai-based tyre manufacturers CEAT has announced the launch of ‘Excellerator’, a competition for startups offering solutions for new-age mobility businesses including connected vehicles, shared mobility services, and fleet management/logistics services.
The company said the competition will identify entrepreneurs addressing large market opportunities in the above areas and that could have close synergies with CEAT’s business.
Speaking about the competition, Anant Goenka, MD, CEAT (part of the RPG Group), said,
"We are delighted to announce the launch of CEAT’s startup competition Excellerator. We are looking forward to bringing on board entrepreneurs who can provide viable solutions for our business needs. Along with the winners, we will work together towards achieving our common goals for the future of the automobile industry."
Anant Goenka MD, CEAT Ltd
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Through Excellerator, CEAT aims to identify and partner with upcoming startups to strengthen its positioning in such areas and will be aiming to invest and develop strong partnerships with such businesses.
Applicants interested in participating can mail their applications to [email protected] including a brief outline of the proposition/solution the startup offers, the market opportunity they are going after, and any possible business benefit for CEAT.
The applications will be open from 26th August 2019 to 30th September 2019. All applications will be evaluated and shortlisted by CEAT, with shortlisted entrepreneurs being invited to RPG House in Mumbai to showcase their business ideas to a jury comprising of CEAT’s senior management.
The grand finale will be held in November at RPG House, Worli, Mumbai. The winning startup(s) may get a chance to raise funds from CEAT and gain access to CEAT’s business network across India to enhance its reach. The winners will also get mentoring and guidance from CEAT’s experienced management.
CEAT has already invested in Tyresnmore, an online tyre retailer and doorstep fitment provider, and more recently invested in E fleet systems, an ERP platform for fleet operators.
(Edited by Megha Reddy)
