NEW DELHI, June 29, 2026, 23:34 (IST)
- Maruti named five startups on Monday, including a battery recycler and four firms working on AI-driven workflow or customer products.
- The startup funnel has looked at around 7,400 firms over seven years and brought on 38 as partners.
- FADA numbers show Maruti made up around 6% of electric passenger car retail sales in India in May.
- Maruti fell 2.42% on the NSE, closing at 13,412 rupees.
Maruti Suzuki India NSE:MARUTI picked five startups on Monday – four focused on AI and digital processes, and one in battery recycling. MiniMines, based in Bengaluru, will handle recycling old lithium-ion batteries and recover precious materials. The other four – Easework AI, Sarvam AI, Siftly, and CodeMate AI – will work on areas like procurement, customer support, marketing, and software.
Hisashi Takeuchi, Maruti’s MD and CEO, said MiniMines will “support us in safely recycling end-of-life batteries”, while the other four startups will help “drive efficiency” in different business operations. All five companies came through the fifth round of the Maruti Suzuki Incubation Program with IIM Bangalore’s NSRCEL. Maruti Suzuki India
| Startup | Maruti project area | Investor read-through |
|---|---|---|
| MiniMines | Recycling old lithium-ion batteries; extracting valuable materials | EV compliance angle, possible lift in leftover battery value, less exposure to metals risk |
| Easework AI | Automating procurement for indirect consumables | Could speed up purchases, help lock down indirect spend |
| Sarvam AI | GenAI chat agents handling multiple languages for customer use | Bigger push on efficiency for contact centres and service |
| Siftly | GenAI applied to help brands stand out | Cheaper way to run marketing pilots |
| CodeMate AI | AI to speed up coding | Makes internal process tools quicker to build |
Maruti has looked at around 7,400 startups over seven years, but only worked with just over 250 and signed up 38 as partners. That puts its partnership rate at about 0.5% of startups screened and 15% of those it worked with.
Maruti’s move on battery recycling is notable since its EV base is still limited, but there’s now long-life battery risk in the mix. The e Vitara comes with 49 kWh and 61 kWh battery packs, has a claimed range up to 543 km, and an eight-year or 160,000-km battery warranty. Partho Banerjee, a Maruti executive, called the e Vitara the company’s “primary EV choice” back in February.
| Company | May electric passenger-vehicle retail sales | Share of 26,682 units |
|---|---|---|
| Tata Motors Passenger Vehicles NSE:TMPV | 10,340 | 38.8% |
| Mahindra & Mahindra (NSE:M&M) | 6,210 | 23.3% |
| JSW MG Motor India | 4,984 | 18.7% |
| Maruti Suzuki India NSE:MARUTI | 1,591 | 6.0% |
India’s retail sales of electric passenger vehicles jumped 81.2% on the year to 26,682 in May, FADA data showed, according to ETAuto. Market penetration hit 6.6%. Maruti sold 1,591 units, trailing Tata Motors Passenger Vehicles and Mahindra & Mahindra. The battery-recycling problem is becoming more pressing as more EVs age.
India’s Battery Waste Management Rules, 2022 are a big factor for the MiniMines deal. The rules cover all types of batteries and put collection and recycling obligations on producers. Under IEA estimates, India’s electric vehicle battery recovery targets will climb to 90% by 2026-27, and companies must hit 70% collection by 2027-28.
MiniMines says its hybrid-hydrometallurgy method processes used lithium-ion batteries and scrap from manufacturing. The company handles collection, dismantling, pre-processing and processing work. MiniMines says it has government approval and can help firms stick to battery EPR and Battery Waste Management Rules.
Anupam Kumar, who is co-founder and CEO at MiniMines, told ETAuto back in December that India “imports almost all of its lithium, cobalt and nickel” and said recycling and domestic refining could “reduce this strategic vulnerability.” The government has backed this push with a 1,500-crore-rupee incentive scheme through the National Critical Mineral Mission. That program covers recycling from e-waste, lithium-ion battery scrap, and parts from end-of-life vehicles. ETAuto.com
The AI business is tough to quantify short term. Maruti talked up procurement automation, GenAI agents in multiple languages, and coding tools to cut process costs, but there were no clear spending, savings, or launch targets. What it did have was record sales in May—242,688 units, with 41,914 exported. Right now, volumes and mix look a lot more important for earnings than any new AI projects.
Maruti closed at 13,412 rupees on the NSE Monday, off 2.42%. Shares finished at 13,450 on the BSE, down 2.12%. Business Standard gave Maruti a market value of about 4.23 trillion rupees. The 52-week high, also per Business Standard, was 17,371.60 rupees, set Jan. 5.
