India sees over 226 pc surge in startup funding at $596 mn this week
The Indian startup ecosystem bounced back this week in terms of raising funds, clocking more than 226 per cent surge with securing around $596 million in total.
Automobile major Maruti Suzuki on Tuesday said that it has shortlisted five new startups as part of its third cohort of MAIL (Mobility & Automobile Innovation Lab) programme the five new statues include: Clean Slate, Peer Robotics, Vicara, Hyper Reality, and URJA.
With the addition of these new startups, “Maruti Suzuki is now engaged with 14 startups under the MAIL programme in the last 18 months,” the automaker said in a statement.
Maruti Suzuki India’s MAIL initiative supports startups by co-creating innovative business solutions. It was launched with an aim to nurture innovation in the automobile and mobility sector in partnership with GHV Accelerator in January 2019.
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The initiative aims to create an environment to nurture, foster and guide the early-stage startups, the company said.
“The five startups of cohort 3 underwent an extensive shortlisting process that included screening and pitch sessions.”
“Clean Slate Technologies, a startup from Bengaluru, stood as the winner of the programme, followed by Peer Robotics from Gurgaon as 1st runner up and Vicara from Bengaluru as the 2nd runner up,” the statement said.
These startups will now engage with Maruti Suzuki for paid projects and also will be entitled to other benefits associated with the programme, the company added.
“The auto industry is extremely dynamic and faces new challenges frequently. The lookout for new technological aids to assist the industry and continue working efficiently is an ever-evolving task. Our flagship MAIL programme is now in its 3rd cohort and in each round we come across several innovative ideas that solve real-life industrial challenges,” MSIL Managing Director & CEO Kenichi Ayukawa said.
“MAIL programme focusses on offering a platform to these early stage startups where they can translate their big ideas into business solutions. Besides, this they get a unique opportunity to get the idea validated and approved by Maruti Suzuki’s domain experts,” he added.
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