Mukesh Ambani scouts for overseas startups

In a move to fast roll out his digital India plans, Mukesh Ambani is in search of startups from Israel and Silicon Valley in the US.
Mukesh Ambani scouts for overseas startups

Mukesh Ambani seems on the way of aggressively pushing his plans for eCommerce and phone services in India as he is hunting for startups, from Israel and Silicon Valley.

“Owned by Reliance Industries, GenNext Ventures is in discussions with US and UK’s venture capital firms and private equity investors to pick out candidates”, said Vivek Rai Gupta, Managing Partner.

It is believed that the selected startups could use Reliance's network to gain access to a market that is now the biggest for Facebook after the US. 

"It can be a two-way street, it gives them an opportunity to come to a big market like India and for us, it is an opportunity to interface with the best new ideas from that country", added Gupta, who used to head the India operations of consulting firm AT Kearney until 2008. Currently, Mukesh Ambani readies his $13.6 billion high-speed 4G phone network across India which according to Morgan Stanley will fuel eCommerce sales tenfold to $100 billion by 2020.

GenNext, backed by the refining-to-retail conglomerate, is an "evergreen fund that will invest opportunistically", stated Gupta.

"Big corporates can benefit from mentoring and supporting" startups, said Kalpana Jain, Deloitte India's New Delhi-based senior director, adding they could take advantage of "synergies".

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