China’s eCommerce giant, Alibaba, has partnered with Bengaluru- based mobile and analytics solutions company, Globals, to launch India-based mobile centric incubator. This teaming up will further lead to tapping more ideas with the intent of Jack Ma to invest in India’s technology and eCommerce space.
Thus it won’t be wrong to say that Alibaba’s investment in PayTm earlier this year was not an end of the story.
"We met Jack Ma (Alibaba founder) and his team in Delhi and we came to an in-principle agreement on the incubator," Globals founder Suhas Gopinath told TOI.
The incubator is unnamed and is likely to kick-start from May-June. With a plan to have only five start-ups in the first batch, this one-year incubator will largely focus on those start-ups which are venturing into mobile Internet and mobile commerce space, says the report.
The idea of this special incubator came from Guru Gowrappan, who is the COO at Quixey, a US-based search engine for mobile apps, and Alibaba hold majority stakes in the company, said Gopinath. "It becomes easier to mentor the start-ups and find the right set of funders if you have a focused incubator," he extended. Currently, the incubators India has are the generic ones.
Gopinath also anticipates Alibaba Group to provide guidance and assistance via its technology and other business expertise to the incubator. He also expects to receive assistance from the Karnataka government. “If we get that, we would be able to scale even faster,” he said.
It is also said to be PM Modi’s effect as the announcement of this mobile start-up incubator came right after his meeting with Jack Ma. They discussed upon the entrepreneurship in India and how to help SMEs to scale. Alibaba Group has also signed a MoU with Confederation of Indian Industry (CII) to scale small and medium scale businesses in India with their Chinese counterparts.