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RJio parks Rs 5,000 cr fund for startups

Thursday, Sep 1, 2016,16:31 IST By Metrovaartha A A A

Mumbai | Reliance Jio has set up a Rs 5,000 crore venture capital fund to help young entrepreneurs in the country build their business.

Speaking at Reliance Industries’ 42nd annual general meeting, chairman Mukesh Ambani said Reliance Jio’s aim is to build a platform for young Indians who want to create “businesses of the future”.

“Reliance Jio Digital India Startup Fund sets aside Rs 5,000 crore of venture capital to be invested over the next five years to encourage young entrepreneurs to build their businesses ground up in India,” Ambani said.
He added the telecom unit plans to partner thousands of Indian entrepreneurs “whose digital ventures can bloom in the grounds that Jio is preparing”.

“… 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,” he said.

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