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Maruti Suzuki, NSRCEL to nurture 26 start-ups
Maruti Suzuki, NSRCEL to nurture 26 start-ups
Start-ups selected from among 400 applications
Bengaluru: Maruti Suzuki India Limited (MSIL) in partnership with NSRCEL, the start-up hub at Indian Institute of Management Bangalore (IIMB) on Friday announced the list of 26 shortlisted mobility start-ups for a nine-month extensive incubation program.
The collaboration, announced in August 2020, is a first-of-its-kind initiative by an automobile manufacturing company. It will help start-ups channelize their efforts to bring industry-ready solutions and become large-scale businesses.
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 while they receive regular one-on-one mentoring and advisory sessions. 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.
Applauding the initiative, Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki India, said, "I am happy to learn that some of the brightest ideas have come from the start-ups focusing on technology. They have created business-ready solutions relevant for industry. Through our partnership with IIM Bangalore, we are excited to foster and encourage some of the most innovative start-ups in the country. The incubation program 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."
Elaborating on the initiative, Prof Venkatesh Panchapagesan, Chairperson, NSRCEL at IIMB, 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. 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."
The 26 start-ups have been shortlisted amongst over 400 applications received across the country. The selection panel, comprising experts from Maruti Suzuki and NSRCEL at IIMB, evaluated the applicants and interviewed over 120 entrepreneurs.
