CEAT Tyres launches start-up competition ‘Excellerator’
Mumbai, 29th August,2019: CEAT announced today the launch of ‘Excellerator’, a competition aimed at start-ups offering solutions for new age mobility businesses including connected vehicles, shared mobility services and fleet management/logistics services. The competition will identify entrepreneurs that are addressing large market opportunities in the above areas and that could have close synergies with CEAT’s business.
CEAT (part of the RPG Group) has increased its thrust on innovation to align itself with emerging trends in the mobility space. Through Excellerator, CEAT aims to identify and partner with upcoming start-ups to strengthen its positioning in such areas. The Company has already identified these areas (connected, shared and tech enabled fleet management) as having substantial potential and will be aiming to invest and develop strong partnerships with such businesses.
Applicants interested in participating can mail their applications to email@example.com. Applications must include a brief outline of the proposition/solution the start-up 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. The winning start-up(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 would also get mentoring and guidance from CEAT’s experienced management.
Speaking about the competition, Anant Goenka MD, CEAT Ltd, said, "We are delighted to announce the launch of CEAT’s start-up 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."
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.