Japanese automotive giant Suzuki has launched Next Bharat Ventures, a residency program that supports social impact startups in sectors like financial inclusion and rural mobility. India-focused venture investment arm, with a corpus of INR 340 crore, will back early-stage startups.
Suzuki’s Next Bharat Ventures, established as a subsidiary of Suzuki, will begin its residency program in October, with applications starting on July 4, 2024. This program, similar to those run by Antler and Y Combinator, will focus on startups making a social impact.
“Next Bharat will invest in growth-stage impact firms and early-stage impact entrepreneurs through its flagship residency program. To improve synergy among our early-stage portfolio, we do fund-of-fund operations and invest in Indian early-stage venture capital firms. This investment will also help establish strong strategic synergies for the Next Bharat Impact Fund,” said Next Bharat CEO and MD Vipul Nath Jindal.
Investment Strategy and Focus Areas
Next, Bharat Ventures plans to make up to 20 yearly investments over the next three to four years, with cheque sizes ranging from INR 1 crore to INR 8 crore. The fund targets agritech, supply chain management, financial inclusion, and rural mobility.
The investments, spanning 15 years, will support businesses benefiting workers in the informal economy, such as gig workers and waste management workers, as well as those in the rural economy, involving farmers and artisans.
During the four-month hybrid residency program, selected entrepreneurs will receive mentorship, access to resources, and networking opportunities with industry experts and peers. Post-program, startups will receive equity investments worth INR 1 crore to INR 5 crore.
Empowering India’s Next Billion
Next Bharat Ventures aims to empower “India’s next billion” by supporting social impact entrepreneurs, according to an official statement.
“The core value of Next Bharat lies in nurturing and empowering Impact entrepreneurs driven by Cause, Contribution, and Community. It strongly emphasizes supporting businesses from Tier II and 3 cities. “We aim to empower underrepresented regions, drive economic development, and foster a culture of innovation that addresses the unique challenges these communities face,” Jindal said.
In June 2023, Maruti Suzuki India selected six startups under its nurture program, conducted jointly with IIM Calcutta Innovation Park (IIMCIP). Maruti Suzuki acquired a 6.44 percent stake in Amlgo Labs earlier this year.
“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,” Toshihiro Suzuki, President and CEO of Suzuki Motor Corporation, said.
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