Mukesh Ambani, Chairman of Reliance Industries, has launched a venture capital fund.
He announced plans to set up a ₹5,000-crore VC fund — Reliance Jio Digital India Startup Fund — to boost entrepreneurship in the country over a five-year period.
The fund will be used to develop and fund new businesses across sectors such as agriculture, education, health, rural livelihood, and e-commerce.
Early this year, RIL had set up a venture arm called GenNext Ventures, which is looking to acquire up to 15-per cent stake in young companies that make it to the next round of GenNext Innovation Hub, a start-up accelerator programme launched in partnership with Microsoft Ventures.