Reliance Industries to Invest in 5 Startups

The venture arm of Mukesh Ambani-led Reliance Industries, GenNext Ventures will be investing in a minimum of 5 startups.

GenNext’s Investment in Startups

The company will invest in organizations that were a part of its startup incubator, GenNext Hub. The GenNext Hub trains new entrepreneurs for four months to establish their business.

The managing partner of GenNext Ventures, Vivek Rai Gupta said that the company aims to set up a single digital platform to accommodate a number of other companies. He said, “For example, within Energy, startups can work in many areas such as algorithms, data storage”. He informed that GenNext Ventures is coming up with a connected car. The startups may contribute by creating different applications for the car. They may design an application, which will review the performance of the car, an application that will notify a nearby hospital in case of an accident, an application suggesting correct routes and directions, or an application for music, movies, and other entertainment in the car.

11 startups graduated from the second batch of the GenNext Hub. According to Rai, at least, five of them will get investments from GenNext Ventures. The company may acquire 20% – 40% equity in the startups. GenNext Ventures is creating many digital platforms. It will make use of the startups’technologiesand ideas on these platforms.

One of the startups of the graduating second batch was Algo Engines, a technology venture that offers operational intelligence for wind turbines and solar power plants. Few others were Curefy, a healthcare application;Creditseva offering credit analysis; a procurement solution provider, Efficient Bazaar;and eLoan, a Peer-to-Peer (P2P) lending platform from Israel.

Reliance Industries’ Partnerships

Reliance Industries had partnered with Microsoft for the GenNext Hub. Microsoft provides infrastructure to the startups. Reliance Industries is now looking to join hands with companies like Intel and Cisco.

The company is in talks with other organizationsas well, for software, cyber security, and technology infrastructure.It has already partnered with Tel Aviv University and Stanford University. The universities are working on sectors like nanotech, storage systems, and advanced materials. Reliance Industries is seeking to bring these technologies to India and integrate them with the company’s work.

BSNL to Finalize ICR Deals with Reliance Jio
The State-owned company, Bharat Sanchar Nigam Limited (BSNL) has almost finished finalizing the intra-circle roaming (ICR) agreements with Reliance Jio and other telecom operators. The company hopes to earn revenue of INR 500 crores every year with such deals. BSNL will close the deals on 31st March.

Chairman and Managing Director of BSNL, AnupamShrivastava said that the deal with Reliance Jio is in the final stages and it will be completed by the end of the month. Currently, BSNL is looking into techno-commercial and legal aspects of the agreement.

Under the ICR agreement, BSNL will take 25 paiseeach for every call for 1 minute, and for every MB in data usage. It will also charge 3 paise per SMS. It will pay the same amount to other operators, where it will use their network.

Summary

Reliance’ arm,GenNext Ventures will invest in at least 5 startups graduating from the second batch of the GenNext Hub.

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