The Automotive Component Manufacturers Association of India (ACMA), in collaboration with PwC, launched the Start-up Initiative to bridge the innovation gap between established auto-component players and agile technology start-ups. Now in its third year, the program has evolved into a structured platform for co-creation, investment, and technology scouting.
The Year 3 cohort includes 16 prominent ACMA member companies, such as JBM Group, Sona Comstar, Subros, Sandhar Technologies, Uno Minda, Anand Automotive, and Best Koki, among others. These companies are grouped into two tracks — Option 1 (10 companies) and Option 2 (6 companies) — based on engagement intensity and strategic focus.
Key Themes & Focus Areas
The initiative prioritizes start-ups working in the following technology domains:
- E-Mobility (Motors, Controllers, BMS, Embedded Software)
- Smart Manufacturing (Energy Management, Traceability, Quality Control)
- Connected & Autonomous Technologies (Sensors, ADAS, Algorithms)
- Material Technology (Lightweighting, Natural Composites, Graphene)
- Hydrogen & Emission Control
E-Mobility emerged as the top priority, with 8 out of 10 Option 1 companies actively seeking innovations in electric motors, controllers, inverters, and battery management systems.
Start-up Evaluation Framework
Start-ups are evaluated using a 5-parameter scoring model with weighted criteria:
- Stage of Evolution (25%) – MVP/MMP maturity, funding stage, revenue growth
- Uniqueness & Impact (20%) – Disruptiveness, scalability, competition level
- Solution-Market Fit (25%) – Customer traction, PoCs, OEM partnerships
- Founder & Team (15%) – Domain expertise, vision, past experience
- Organizational Readiness (15%) – Hiring plans, business model flexibility
Start-ups must be less than 10 years old, with turnover under INR 100 Crores, and offer auto-specific, disruptive solutions.
Engagement Model
The program facilitates interactions through:
- Online group sessions (60-minute format: 20-min presentation + 40-min Q&A)
- In-person start-up connect events with physical booths for demonstrations
- 1:1 meetings post-initial screening
Upcoming events are scheduled from October 2023 to May 2024, culminating in a plenary closure event.
Digital Enablement: ACMA Start-up Portal
A dedicated web portal serves as a one-stop platform for:
- Viewing start-up profiles and case studies from previous years
- Accessing workshop decks and knowledge resources
- Managing engagement stages: Screening → Interest → Final Collaboration
- Logging interactions and expressing interest via a dashboard system
Due Diligence & Deal-Making Insights
PwC shared best practices for deal structuring and due diligence when engaging with start-ups, covering:
- Financial & Tax Due Diligence (Quality of Earnings, Working Capital)
- Valuation Methods (DCF, Market Multiples, Cost Approach)
- Regulatory & HR Assessments (Compliance, ESOPs, Founder Background)
- Negotiation Levers based on due diligence findings
PwC highlighted its deep experience in the start-up ecosystem, having advised on 54% of total investments in new-age tech companies raising over USD 20M in the last 3 years.
Featured Start-ups (Preview)
The first online interaction (5th October 2023) will feature global innovators such as:
- Ideas and Motion (Italy) – Traction inverter ECUs for 2–4 wheelers
- Carbon Waters (France) – Graphene-based thermal & corrosion solutions
- Inspekto (Israel) – AI-powered visual quality inspection
- Minespider (Germany) – Blockchain for supply chain traceability
Profiles will be available on the ACMA Start-up Portal prior to the event.
Conclusion
The ACMA Start-up Initiative – Year 3 is a strategic step toward building a future-ready automotive ecosystem in India. By connecting industry leaders with cutting-edge start-ups, the program drives technology adoption, co-innovation, and competitive advantage in the rapidly evolving mobility landscape.
Facilitated by: PwC India
Next Steps: First group interaction on 5th October 2023
Program Ends: May 2024
Confidential – Prepared by PwC for ACMA Members Only