Mukesh Ambani co-founder Reliance Jio owned Jio Platform is going to invest $200 millions in domestic venture capital fund Kalaari Capital to expand startups in India.
Kalaari Capital has communicated to multiple venture funds about racking up $100 form Reliance with the rest of the capital to come in over the next years. The second trance over the next 12-18 months from either Reliance or external sponsors’, a source privy to the development told ET.
With Reliance backing Kalaari as its anchor investor or limited partner, the deal will emerge as one of the largest commitments by an Indian conglomerate in capital firm.
Kalaari was set up in 2006, when technology entrepreneur Kola, former Intel Corp Vice President Vinod Dham and former Intel executive Kumar Shiralagi launched a $190 million India fund backed by Sillicon Valley, venture capital firm New Enterprise Associates (NEA).
Reliance remains committed to supporting the build up of a thriving startup ecosystem in India, particular in digital enablement space and will continue to explore various.
Reliance investment in Kalaari will give the company an early line of sight into startups and upcoming sectors, said one person aware of the deal. “RIL won’t be necessary acquire all companies in which Kalaari invest, but it will certainly act as a discovery pipeline.