Mahindra Group wants its employees to be entrepreneurs too. Here’s how
Advertisement
Advertisement
The auto conglomerate is encouraging its employees to build startups in-house and it turn it is giving them seed funding, including other facilities.
"It is a very natural step for us to take on the task of incubating new-age startups within our sectors and possibly in entirely new areas as well. There is growing support in business academia for this notion that a 'corporate garage' may well be an ideal host environment for startups,"
Mahindra told ET.
The company has launched its first startup,
Advertisement
But if the employees want to begin their startup, they will have to quit their jobs and own the startup. But they won’t have to worry as the Mahindra Group will fund them.
Many aspiring entrepreneurs are making the most of the Indian startup boom.
Reportedly, Venture Capitalists pumped in a record $4 billion, or about Rs 26,000 crore, in Indian startups between January and September.
Apart from Mahindra, even Reliance Industries and Aditya Birla Group have initiated programmes to get new ideas, talent and technology.
Meanwhile, Mahindra’s plan is to back the startups with seed funding and later on also seek investments from outside the conglomerate.
Advertisement
(Image: Thinkstock)
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Vodafone Idea FPO allotment – How to check allotment, GMP and more
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley
- Global NCAP accords low safety rating to Bolero Neo, Amaze