The funds would be invested in start-ups related to agriculture and microfinance and also provide training to rural entrepreneurs according to a report by Bloomberg.
In a bid to improve its presence in one of the world’s largest markets, Suzuki Motor Corp., pumped Rs 340 Crore in its subsidiary arm ‘Next Bharat Ventures IFSC Private Limited’ to act as a growth catalyst of the social impact start-up ecosystem in the country.
The funds would be invested in startups related to agriculture and microfinance and also provide training to rural entrepreneurs according to a report by Bloomberg.
The move reportedly comes at a pivotal moment when Suzuki is venturing into new areas such as biogas in India with a plant starting operations in June. Thus, Suzuki hopes that the fund targeting small, village-based entrepreneurs will help create business opportunities among underserved areas, thus bolstering its appeal beyond its existing clientele..
The company’s flagship initiative, the ‘Next Bharat Residency program’ scheduled to commence on October 14 includes a 4-month immersive residency for early stage entrepreneurs to empower entrepreneurs to take critical social challenges making the rural and informal economies as pivotal elements in Bharat’s growth journey.
Toshihiro Suzuki, President and CEO of Suzuki Motor Corporation said, “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.”
Talking to Bloomberg, Naomi Ishii, Executive Vice President, Suzuki Motor Corp said, “It’s an investment for the long run.”
He further stated that establishing a network of entrepreneurs in India “will be an enormous asset” for the company.
Next Bharat, a subsidiary of Suzuki Motor Corporation was established to tackle the problems of billions of Indians who are part of the rural economy or the informal economy of the country.
Vipul Nath Jindal, CEO and Managing director of Next Bharat said, “ We are embarking on this journey to cultivate an impact entrepreneurship ecosystem that is profoundly community-oriented.”