Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Reliance Industries will partner technology giant Microsoft to incubate startups with seed capital, mentorship and technology “on a scale never attempted before”, according to a person with direct knowledge of the developments.
According to him, RIL chairman Mukesh Ambani is keen that the company refresh its entrepreneurial spirit and engage fully with the country’s fast-evolving startup ecosystem.
India’s largest private company with interests in petroleum, retail and telecom is keen to focus on startups and technology that are spawning billiondollar businesses in India.
Reliance will operate through Gennext Ventures, an early stage venture capital firm it set up in 2010. The corporate VC arm has disclosed investments in two firms so far Covascis Technologies Pvt. Ltd and Videonetics Technology Pvt. Ltd.
The exact nature of the tieup is not known but the person cited above was certain that the startups, once identified, will be funded through RIL and there will be no limit on investments as at the seed stage, such companies require only .`50 lakh-.`2 crore. Original post at ET Telecom.