Japanese automaker Suzuki Motor Corporation on Thursday launched a $41-million (Rs 340 crore) social impact fund to invest in Indian startups focused on agriculture, financial inclusion, rural supply chain, and rural mobility.
Called Next Bharat Ventures, the fund will offer a four-month residency programme for early-stage entrepreneurs. The flagship programme, which is now accepting applications, is scheduled to commence in October 2024, the company said in a statement.
According to the statement, the programme will select entrepreneurs who demonstrate an impact-first focus, a clear problem-solving approach, and a commitment to contributing to the rural community or the informal sector in India.
“We are embarking on this journey to cultivate an impact entrepreneurship ecosystem that is profoundly community-oriented. The Next Bharat investment framework focuses on horizontal scaling, aiming to create hundreds of profitable SMEs over a fund cycle, rather than concentrating on creating just two or three unicorns per fund cycle,” said Next Bharat CEO and managing director Vipul Nath Jindal.
After completing the residency programme, select startups will receive equity funding of Rs 1 crore to Rs 5 crore. As part of the Next Bharat community, they will also receive extended support and resources from the fund.
“Bharat has about 1.4 billion people, but we have only reached about 0.4 billion with our mobility business. Our goal is to connect with the “Next Billion” people of India, extending beyond mobility and becoming a part of India’s future story,” said Suzuki Motor Corporation president and CEO Toshihiro Suzuki.
The Suzuki Innovation Centre, which was established along with IIT Hyderabad 2.5 years ago, will now become a part of Next Bharat Ventures as one of its verticals.