Social Alpha, a multistage innovation curation and venture development platform for science and technology start-ups, and FedEx Express, a subsidiary of FedEx Corp. and one of the world’s largest express transportation companies, today announced the launch of the FedEx and Social Alpha Accelerator for Sustainable Last-mile Logistics.
FedEx Express supports Social Alpha’s mission to foster greater innovation and inclusion in India’s mobility industry
The accelerator program is designed to identify and accelerate start-ups that are developing innovative solutions in the area of electric bicycles (e-cycles) for last-mile logistics. E-cycles offer a sustainable and affordable alternative to traditional modes of transportation and can help to reduce carbon emissions, improve air quality, and create jobs.
The inaugural cohort of the accelerator program includes two start-ups: Mag9 Energies and Accelero Vehicles. Mag9 Energies is a Mumbai-based company that develops e-bikes for logistical services. Accelero is a company based in New Delhi that makes a cost-effective portable electric engine that can convert any existing bicycle to an electric bicycle.
The start-ups in the accelerator program will receive a range of support from Social Alpha and FedEx, including:
- Mentorship from industry experts
- Access to resources and networks
- Seed investment
- Support to scale their businesses
The accelerator program is part of Social Alpha’s commitment to promoting sustainable innovation and development. Social Alpha believes that e-cycles have the potential to transform the way goods are delivered in India, and the accelerator program is a step towards making that vision a reality.
“Enabling universal access to affordable motorised mobility is a priority area for Social Alpha,” said Smita Rakesh, Vice President and Partner, Social Alpha. “The Social Alpha Accelerator for Sustainable Last-mile Logistics, supported by FedEx, is designed to identify and scale solutions which are addressing these needs and are sustainable, affordable and accessible, without compromising on quality and user experience.”
“FedEx has a long standing history of promoting innovation within small and medium enterprises through collaboration,” said Suvendu Choudhury, Vice President of India Operations, FedEx Express. “We believe that SMEs play a vital role in driving progress towards a more sustainable future, and by investing in them we can unlock opportunities that lead to healthier and more prosperous communities, improved access to resources and services, and a more resilient economy overall.”
The FedEx and Social Alpha Accelerator for Sustainable Last-mile Logistics is a two-year program. The start-ups in the inaugural cohort will begin the program in May 2023.
