RIL to create a Rs5,000 crore fund to invest in tech start-ups

Reliance Industries Ltd (RIL) chairman Mukesh Ambani on Thursday announced that the company is setting up aRs.5,000 crore fund—Jio Digital India Startup Fund—to invest in digital businesses.

The announcement was made at the company’s 42nd annual general meeting in Mumbai.

“We also have plans to partner with thousands of Indian entrepreneurs, whose digital ventures can bloom in the ground that Jio is preparing. For this purpose, we have created a Jio Digital India Startup Fund,” Ambani said.

The corpus will be invested over the next five years. The company will also be setting up entrepreneurship hubs in key cities and towns, Ambani said.

The announcement shows a growing trend of Indian corporates becoming more willing to invest in start-ups, said experts.

“The announcement by Reliance Industries is a recognition of the fact that wealth creation over the next 20 years will happen from start-ups that have either been built or will be built over the coming years. Their setting aside Rs.5,000 crore for investing in start-ups is a testament to the Indian start-up ecosystem having arrived,” said Rajan Mehra, co-founder and managing director, Nirvana Venture Advisors.

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