Launch of Rs 340 Crore Fund
Next Bharat Ventures IFSC Private Limited, a subsidiary of Suzuki Motor Corporation, announced the launch of a Rs 340 Crore fund. This initiative aims to catalyze the social impact startup ecosystem in India by supporting entrepreneurs who are creating value in Tier II and below geographies. The mission is to empower India’s next billion by fostering a community of impact enablers dedicated to solving social problems through sustainable business practices.
Next Bharat Residency Program
A flagship feature of Next Bharat is its 4-month “Next Bharat Residency Program.” This immersive program is designed to equip early-stage entrepreneurs with essential knowledge, access, and networks. The application process is inclusive, allowing broad participation, including WhatsApp-based submissions. The deadline for applications is 31st July 2024, with the program commencing on 14th October 2024.
Focus Areas and Selection Criteria
Next Bharat will nurture social impact startups in agriculture, financial inclusion, rural supply chain, and rural mobility. The selection criteria focus on impact-first entrepreneurs with a clear problem-solving approach and a commitment to contributing to rural communities or the informal sector of India. Selected participants will remain part of the Next Bharat community for life, receiving ongoing support and resources even after the program’s conclusion.
Post-Residency Support and Investment
After the residency program, selected startups will receive equity investments ranging from 1 Crore to 5 Crore Rupees. The objective is to provide these ventures with the knowledge, networks, and resources, including risk capital, to enable them to scale and become small and medium-sized enterprises.
Leadership and Vision
Toshihiro Suzuki, President and CEO of Suzuki Motor Corporation, emphasized the goal of connecting with the “Next Billion” people of India, extending beyond mobility to become a part of India’s future story. He highlighted that Next Bharat Ventures is Suzuki’s first investment fund in India, focusing on nurturing and empowering impact entrepreneurs.
Collaboration and Long-term Vision
Vipul Nath Jindal, CEO and Managing Director of Next Bharat, stated the initiative’s focus on creating a community-oriented impact entrepreneurship ecosystem. The framework aims to create hundreds of profitable SMEs over a fund cycle, rather than concentrating on just a few unicorns. Jindal emphasized the importance of working closely with existing stakeholders to build compounding synergies within the ecosystem.
Next Bharat Ventures, with its comprehensive support system and focus on sustainable, community-oriented entrepreneurship, is set to drive significant social impact in India.
