Allcargo to launch startup accelerator
A senior corporate official announced that Allcargo Group, a provider of logistics solutions, will open a start-up accelerator to develop innovations in the logistics sector and resolve its problem statements.
“Since Allcargo is the only business in India with end-to-end serviceability across the logistics value chain, each start-up that emerges in this sector is either directly related to what we do or is in a business area adjacent to it. According to Vaishnav Shetty, Chief Digital Officer at Allcargo Logistics, “Our objective is to be the market leader by a wide margin, and in order to do that, we have to support innovation.”
For each issue statement, the Mumbai-based company intends to examine four to five start-ups before choosing one to onboard six to eight start-ups in the first cohort.
“We have a total of six to eight problem statements for the year. We will host demo days for each of them, followed by Proof of Concept (PoC) tests, and depending on the results, we will enrol them in a six-month accelerator programme, the man stated.
Select start-ups will also receive financial aid from Allcargo. The accelerator will consider businesses in the seed through series B stages.
V S Parthasarathy, a former executive board member for the Mahindra Group, was chosen as the company’s vice-chairman at the beginning of this year. He founded Mahindra’s startup accelerator division and serves as an advisor to other start-ups.
Shashi Kiran Shetty, the founder and chairman of Allcargo Group, and his son Vaishnav Shetty both confirmed that the company had set aside a fund internally for start-up investing.
He said that the business is focusing on its digital transformation through the utilization of four main strategic levers, including automation, artificial intelligence/machine learning (AI/ML), customer platforms, and start-ups.
“Over the past 15 months, we have carried out a number of projects to boost production and costs, develop personalised products, and increase client loyalty. We have improved the bottom line. We are investing back into our start-up projects whatever money we have earned from digital (the cost and reward of digital transformation),” Shetty stated.
Shashi Kiran Shetty said the newly established digital arm is working to get the company to be digitally first and digitally ready across the board in an interview with BT on the sidelines of an event at the company’s logistics park on the outskirts of Bangalore. “We have developed a technological platform for digital supply chain management and client acquisition. We are attempting to transform into a digitally first company.