DP World, a Dubai-based global port operator, on Friday, launched Log-X-- a technology accelerator platform for logistics.
The accelerator platform was launched in partnership with Invest India, Kerala Start-Up Mission and its accelerator partner Startup Réseau, to encourage innovation and technology adoption in the Indian logistics sector.
The program will focus on digital technologies like block chain, artificial intelligence, robotics, simulators and internet of things, to identify logistics-focused technology start-ups in India.
“Technology adoption and innovation will play a strong role in building an integrated logistics platform which offer end-to-end solutions for cargo owners,"said Rizwan Soomar, chief executive and managing director at DP World Subcontinent.
“DP World wants to encourage the creation of a start-up eco-system for logistics and supply-chain focused innovators with an aim to reduce the costs of logistics in India and make India’s exports more competitive. The LogX accelerator program is a unique partnership between DP World, Invest India and the Start-Up Kerala Mission to encourage innovation across the value chain in the logistics sector in India. Stronger technology adoption in the logistics sector will also improve transparency, reliability and predictability in the supply chains across the country. This will be transformative for India," he added.
Log-X plans to onboard up to ten start-ups, selected through the Startup India portal, for conducting pilots, with a long-term objective of partnerships, strategic engagements and proof-of-concept development. The finalized start-ups will be mentored by DP World leadership team and external mentors brought into the program.
“This is a unique partnership and the first in the logistics sector. We are very pleased to be partnering with DP World on this unique initiative to drive innovation in the sector. We look forward to working with the final start-ups who are chosen by the Log-X accelerator platform," said Deepak Bagla, chief executive and managing director at Invest India.
Invest India is the national investment promotion and facilitation agency for India, envisaged to be the first point of reference for potential investors. Invest India also has a series of initiatives including the India Investment Grid which showcases up-to-date information on investible projects, Startup India, an initiative to catalyse and support the startup ecosystem, AGNii, for linking Indian science and innovation to enterprise, and the Project Monitoring Group to accelerate large-scale projects.
DP World has a portfolio of 78 operating marine and inland terminals, and is supported by more than 50 related businesses in over 40 countries across six continents. In January, the terminal operator announced the creation of an investment platform, in partnership with the Indian sovereign wealth fund National Investment and Infrastructure Fund (NIIF), to invest up to $3 billion in ports, terminals, transportation and logistics businesses in India.