Indian business conglomerate Reliance Industries Limited (RIL) has set up a INR 5,000 crore (approximately US$750 million) VC fund to invest in startups across the country, according to a PTI report.
Called Reliance Jio Digital India Startup Fund, the VC arm aims to invest in areas such as agriculture, education, health, rural livelihood, and e-commerce.
With this VC fund, RIL joins the likes of largest VC funds like Sequoia Capital and Tiger Global, both have close to US$1 billion assets under management.
“We have created a Reliance Jio Digital India Startup Fund and are also working to create digital entrepreneurship hubs in key cities and towns in India. Our aim is to build a platform for young Indians who want to create businesses of the future,” RIL Chairman Mukesh Ambani was quoted as saying.
“In the coming months, we also plan to introduce apps around education, health, rural livelihood, agriculture and many more categories because we truly believe it is time for digital life to reach the remotest corners of India,” he added.
RIL is already running an equity investment fund, GenNext Ventures, which typically picks up to 15 per cent equity in investee companies.