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Reliance announces 5,000 crore fund for digital startups

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After the spectacle that it was yesterday, Reliance is continuing its push towards projecting itself as the torch-bearer of digital India. And to achieve that status, the business behemoth has today announced the launch of a close to $800Mn fund for new-age digital startups in India.

The company has created a separate entity in form of the Jio Digital India Startup fund. The fund will aim towards providing support to digital and internet startups in order to create innovative solutions and business opportunities.

Meanwhile, many of these companies are already likely to benefit from Jio services. Speaking on the topic, Mukesh Ambani said,

We also have plans to partner with thousands of Indian entrepreneurs, whose digital ventures can bloom in the ground that Jio is preparing.

He also adds,

We are also working to create digital entrepreneurship hubs in key cities and towns of India. Our aim is to build a platform for young Indians who want to create digital businesses of the future.

The company has further ambitions as well and is already attempting to integrate its services with those of other online businesses in order to increase its business reach. As per sources, Flipkart and Ola are already in talks with Reliance, to discuss collaborative opportunities.

The company is attempting to build up its customer base up from 0 to 100 million customers, in the shortest possible time. It is aiming to reach its goal by using a combination of tactics that include offering a boquet package to new subscribers that has voice call, data and Jio suite of applications free until the year end.

The company is also offering handsets bundled with the Jio SIM, from its own LYF brand for merely INR 2,999.

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