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Panasonic Life Solutions India (PLSIND) and Panasonic Corporation (PC) have launched "Panasonic Ignition," a corporate innovation accelerator programme, in a strategic partnership with 100X.VC, a seed-stage venture capital firm.
What is this programme for?
According to the company's statement, The programme is designed to mentor, guide, and financially support early to mid-stage startups, particularly those developing innovative solutions in the energy management sector for commercial and residential segments.
Additionally, The programme aims to bridge the gap in the energy management sector, providing startups with investment, masterclasses, expert mentorship, and product strategy and growth support.
The partnership aims to address the energy management challenges in India
India, with over 750 million active internet users, has grown into the third-largest hub for the global startup ecosystem, hosting 90,000 startups and 107 unicorn companies with a combined valuation of $30 billion.
Manish Sharma, the Chairman of Panasonic Life Solutions India and South Asia, said the industry projects that India can surpass 180,000 startups across the country by the year 2030.
"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 Corporate Innovation Accelerator Programme “Panasonic Ignition”. 100X.VC has been instrumental in identifying and supporting high-calibre startups in India throughout its history and we look forward to a long and fruitful association and partnership in future.” said Manish Sharma.
Investing in future technologies and innovations
Kunio Gohara, Chief Transformation Officer (CTRO) and head of the CVC office, Panasonic Corporation, introduced the Panasonic KURASHI Visionary Fund (PKVF), a Corporate Venture Capital (CVC) fund, incorporated in July 2022.
The fund, which aims to invest in early to mid-stage startups across Japan, Europe, and India, is committed to investing a total amount of Yen 8 Billion (~ Rs 450 crore) in the mid to long term in various technology startups.
“Panasonic Ignition represents a strategic investment approach that delivers mutual advantages to startups and the broader market and society within which they operate. Startups have the opportunity to leverage Panasonic's extensive local and global experience and expertise in developing innovative products, thereby boosting their competitiveness and growth potential," said Kunio Gohara.
What does 100X.VC do?
100X.VC claims to be India's first venture capital fund to invest in early-stage startups using iSAFE (India Simple Agreement for Future Equity) Notes.
100X.VC is a SEBI Registered CAT I AIF, Investment Adviser and the first Institutional Investor in its portfolio companies. The firm has so far invested in 140+ startups which have gone ahead and raised upwards of ~72 million in funding from VC funds, HNIs, angel networks and family offices.
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 which join this prestigious programme."
He further said that startups looking for direct mentorship and training in various areas like Energy Management, Building Management, EV Charging, and Consumer IoT can apply for the first class of the Panasonic Ignition program. Applications are open from October 11th to October 31st, 2023, at https://ignition.in.panasonic.com.
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