Panasonic : Decides to Invest in Upgrid Solutions, an Indian Startup, through the Panasonic Kurashi Visionary Fund
June 28, 2024 at 07:10 am
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Osaka, Japan - Panasonic Corporation (https://www.panasonic.com/global/home.html) (Head office: Minato-ku, Tokyo; President & CEO: Masahiro Shinada; hereinafter referred to as Panasonic) today announced that it has decided to invest in Upgrid Solutions Pvt. Ltd. (hereinafter referred to as Upgrid Solutions), a provider of battery swapping services for small EV mobility in the Indian market under the Battery Smart brand, through a corporate venture capital fund, commonly known as the Panasonic Kurashi Visionary Fund, jointly managed by Panasonic and SBI Investment Co., Ltd. This is the fund's first investment in a startup in India, which has invested in seven startups since its inception in July 2022.
With light mobility, including two and three-wheelers, accounting for the majority of the market share, the Indian mobility market is the largest two-wheeler market in the world, along with China.* The battery swapping service targets two- and three-wheeled EVs for commercial use, such as taxis, food delivery, logistics, and fleets. It helps users reduce the initial cost of a vehicle by servitizing the battery, which can account for 20 to 40 percent of a vehicle's price. The service is an innovative model expected to reduce operational downtime and save users space for installing chargers. It is therefore anticipated to be in demand by many business users such as delivery services, taxis, and others involved in the transportation of goods and people. Compared to gasoline-powered vehicles, the operating costs of small EV mobility with swapping services are estimated to be lower.
Panasonic is a provider of electrical equipment such as wiring fixtures and lighting, as well as EV charging equipment for condominiums and commercial facilities. By investing in Battery Smart (Upgrid Solutions), the company aims to expand its business to cover not only four-wheeled EV mobility, but also small EV mobility such as motorcycles, and realize new service solutions related to EV charging.
Panasonic will continue to enhance its open innovation initiatives through strong partnerships created by investing in promising startups, both in Japan and overseas, that are competitive in areas closely related to people's lives, such as energy, food infrastructure, spatial infrastructure, and lifestyle.
* India EV Market Research Report (April 2022)
https://www.jetro.go.jp/world/reports/2022/02/8118fe569d9e9671.html
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Panasonic Holdings Corporation (formerly Panasonic Corporation) specializes in manufacturing and marketing of consumer electronic equipments. Net sales (including intragroup) break down by family of products as follows:
- domestic equipments, appliances and audiovisual equipment (42.5%): lighting devices, photovoltaic devices, wiring devices, health and care devices, furnishing materials, air conditioning and ventilation equipments, air purifiers, refrigerators, air conditioners, washing machines, dryers, vacuum cleaners, irons, microwaves, fans, cooking appliances, dishwashers, TVs, digital cameras, audio and video equipment, fixed telephones, showcases, etc.;
- electronic and electromechanical components (13.2%): relays, switches, power supply systems, industrial motors and sensors, capacitors, coils, resistors, materials for electronic circuits, semiconductors, LCD panels, etc.;
- automotive multimedia equipment and electronic accessories (12.4%);
- avionics, industrial automation, communication and entertainment systems (10.8%): in-flight entertainment and communication systems, electronic component assembly machines, welding equipment, projectors, professional audio-visual systems, computers, tablets, mobile communication systems and equipment, etc.;
- energy storage systems (8.9%): cylindrical lithium-ion batteries, dry batteries, primary/secondary lithium batteries, nickel-metal hydride batteries, lithium-ion batteries, energy storage modules and systems;
- other (12.2%).
Net sales break down geographically as follows: Japan (43.2%), China (13.4%), Asia (14.7%), Americas (18.7%) and Europe (10%).
PANASONIC HOLDINGS CORPORATION 
