The country's largest carmaker Maruti Suzuki India along with the Indian Institute of Management Bangalore (IIMB) will nurture 26 start-ups in the mobility sector.
The company, in partnership with Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at IIMB, has shortlisted 26 mobility startups for a 9-month extensive incubation program, Maruti Suzuki India said in a statement on Friday.
The 26 startups have been shortlisted from over 400 applications received across the country. A selection panel comprising experts from Maruti Suzuki and NSRCEL evaluated the applicants and interviewed over 120 entrepreneurs.
In August 2020, the company had announced the collaboration to help startups channelise 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 startups in the country," said Maruti Suzuki India Managing Director and CEO Kenichi Ayukawa.
The incubation program will help the startups become large-scale businesses, and also help industry with practical and technology-led solutions that bring efficiency and value to business functions, he added.
Under the programme, the selected startups will undergo a 3-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 said.
Networking events, mock-pitches and interaction with investors will be major highlights of the initiative. Post this, the ventures will be allowed to pitch for incubation and funding and the selected ventures will be taken forward for a further six-months incubation journey.
Commenting on the significance of the collaboration, NSRCEL Chairperson Venkatesh Panchapagesan said 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 therefore 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 added.
Maruti Suzuki, with its vast experience and market leadership in the automotive industry, will be able to significantly contribute to the development of the ventures, here at NSRCEL, IIM Bangalore, and the start-up ecosystem overall, he added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
