Country's largest carmaker Maruti Suzuki partners IIM Bangalore to nurture 26 start-ups

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.

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.

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.