A 9-month incubation will help start-ups become large-scale businesses and provide technology-led solutions
The country’s largest carmaker Maruti Suzuki India has teamed up with the Indian Institute of Management Bangalore (IIM-B) to nurture 26 start-ups in the mobility sector.
The company, in partnership with Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL), the start-up hub at IIMB, has shortlisted 26 mobility ventures for a nine-month extensive incubation programme, says a Maruti Suzuki statement.
The 26 have been shortlisted from over 400 applications received from across the country. A selection panel comprising experts from the two sides evaluated the applicants and interviewed over 120 entrepreneurs.
In August 2020, the company had announced the collaboration to help start-ups channel their efforts to bring industry-ready solutions and become large-scale businesses. “Through our partnership with IIM Bangalore, we are excited to foster and encourage some of the most innovative start-ups in the country,” says Maruti Suzuki India Managing Director and CEO Kenichi Ayukawa.
The incubation programme will help the start-ups become large-scale businesses and also help industry with practical and technology-led solutions that bring efficiency and value to business functions, he says.
The selected start-ups will undergo a three-month pre-incubation journey during which they will be engaged in various sessions, workshops, peer-to-peer learning activities and will receive regular one-on-one mentoring and advisory sessions, Maruti Suzuki India says.
Networking events, mock-pitches and interaction with investors will be major highlights of the initiative. After this, they will be allowed to pitch for incubation and funding and the selected ventures will be taken forward for a further six-month incubation journey.
NSRCEL Chairperson Venkatesh Panchapagesan says mobility is evolving at a rapid pace in India and is projected to reach $90 billion by 2030, with significant growth expected in ride hailing, shared mobility and more.
“We are proud to collaborate with Maruti Suzuki, who we share a similar drive with, in developing mobility solutions for a better and more connected future. Together we aim to deliver fresh thinking and innovative solutions to the existing mobility ecosystem,” Panchapagesan says.