Reliance Industries is going to partner with the Microsoft to provide seed funding to startups at a massive rate, states a report by TOI. According to a source close to the development RIL Chairman Mukesh Ambani is keen that the company refresh its entrepreneurial spirit and engage fully with the country’s fast-evolving startup ecosystem.
Reliance would operate through Gennext Ventures, a fund the company set up in 2010 and is expected to follow model as of Y-Combinator. The selected startups will be provided a mentor, an industry veteran to guide the fledgling business apart from funding which will be between INR 50 lakh – 2 Cr. Where as Microsoft India will provide ready access to its business units within India and overseas for piloting the incubatee companies’ products and services.
Microsoft has startup accelerators in nine nations including US, UK, Brazil, France, Germany, Israel, China Microsoft has conducted more than 50 startups programmes.
Gennext Ventures, the corporate VC arm has investments in two firms so far — Covascis Technologies Pvt. Ltd and Videonetics Technology Pvt. Ltd.
Recently, Infosys has also launched $100 Mn fund to incubate startups.