Suzuki Motor, a Japanese automaker, announced on Thursday the creation of its first investment fund in India, Next Bharat Ventures, a Rs 340 crore fund committed to supporting impact entrepreneurs that generate value in Tier II and below locations.

The Suzuki project intends to help social impact entrepreneurs in agriculture, financial inclusion, rural supply chains, and rural mobility through a residency program.

“Next Bharat will invest in growth-stage impact firms and early-stage impact entrepreneurs through its flagship residency programme. In order to improve synergy among our early-stage portfolio, We do Fund of Fund operations, investing in Indian Early Stage Venture Capital firms, this investment will also help in establishing strong strategic synergies for the Next Bharat Impact Fund,” Next Bharat CEO and MD Vipul Nath Jindal told PTI.

During the four-month hybrid residency program, selected impact entrepreneurs will receive substantial coaching, access to resources, and networking opportunities with industry experts and peers, allowing them to scale their businesses organically, he noted.

After completing the training, the selected firms will get equity investments ranging from Rs 10,000,000 to Rs 50,000,000.

“The basic value of Next Bharat is to nurture and empower impact entrepreneurs who are motivated by cause, contribution, and community. It lays a heavy emphasis on assisting enterprises in Tier II and Tier 3 cities,” he said.

“We aim to empower underrepresented regions, drive economic development, and foster a culture of innovation that addresses the unique challenges faced by these communities,” Jindal told reporters.

“Next Bharat Ventures aims to empower ‘India’s next billion’ by supporting these impact entrepreneurs,” according to an official release.

“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.