Panasonic India Announces New Startup Accelerator Program
Panasonic Life Solutions India (PLSIND), a leading diversified technology company, and Panasonic Corporation (PC) today introduced the “Panasonic Ignition,” a corporate innovation accelerator program in collaboration with a leading seed stage venture capital (VC) - 100X.VC. Panasonic aims to mentor, guide, and fund early to mid-stage startups creating innovative solutions in the field of Energy Management for commercial & residential segments in its first cohort of startups.
The accelerator program “Panasonic Ignition” has been designed by the Panasonic India Innovation Centre (IIC) to create a platform in collaboration with 100X.VC, where selected young founders of emerging startups will receive investment, access to various masterclasses, expert mentorship, and support around product strategy and growth that would assist them in building innovative technologies and products while solving real-life challenges related to energy management in spatial infrastructures.
Commenting on the launch, Mr. Manish Sharma, Chairman of Panasonic Life Solutions India and South Asia, said, “India stands at the cusp of a digital revolution, boasting over 750 million active internet users. Consequently, the nation has emerged as the third-largest hub for the global 'Start-up' ecosystem, hosting 90,000 'Start-Ups' and 107 unicorn companies with a combined valuation of $30 billion. Projections indicate that by 2030, we will witness the emergence of over 180,000 startups nationwide. Aligned with these boundless opportunities, Panasonic now wishes to also be a dominant player in the Indian startup ecosystem, supporting Indian entrepreneurs and contributing to the growth of the Indian economy. Towards this, we are excited to partner with 100X.VC and launch the Corporate Innovation Accelerator Programme “Panasonic Ignition.” 100X.VC has been instrumental in identifying and supporting high-caliber startups in India throughout its history, and we look forward to a long and fruitful association and partnership in the future.”
Mr. Kunio Gohara, Chief Transformation Officer (CTRO) and head of the CVC office at Panasonic Corporation said, “I am delighted to introduce Panasonic KURASHI Visionary Fund (PKVF), a CVC fund, which has been incorporated in July 2022 with a mandate to invest in early to mid-stage startup across Japan, Europe and India. Panasonic is committed to investing a total JPY 8B (~ INR 450 cr) in the mid to long terms in various interesting technology startups.”
He added, “Panasonic Ignition represents a strategic investment approach that delivers mutual advantages to startups and the broader market and society within which they operate. Startups can leverage Panasonic's extensive local and global experience and expertise in developing innovative products, boosting their competitiveness and growth potential. With the launch of this program, Panasonic is committed to fostering innovation by investing in early to mid-stage stage startups, simultaneously enabling us access to cutting-edge technologies that complement and enhance our core business by tapping into new products, markets, customers, and emerging opportunities.”
Yagnesh Sanghrajka, Founder and CFO, 100X.VC said, “We are excited to partner with Panasonic Group in this initiative, Panasonic Ignition. At 100X, we believe in finding and polishing up diamonds in the rough. We will continue to follow this path through our collaboration with Panasonic Group and to support startups that join this prestigious program. Startups seeking hands-on mentorship, in addition to training on product, design, growth, and leadership development in the areas of Energy Management, Building Management, EV Charging, Consumer IoT, and more, may apply for the Panasonic Ignition’s inaugural class at https://ignition.in.panasonic.com from 11th October to 31st October 2023.”