After Google, its RIL in the startup sphere now

RIL-invests into an Israeli startup

Reliance Industries Limited(RIL) said that it would invest $25 million in Israel-based Jerusalem Innovation Incubator(JII). RIL-investment has been planned for a period of eight years. The company plans to partner with Israel-based crowdfunding platform OurCrowd. Motorola Solutions, and Yissum, a technology transfer company of the Hebrew university of Jerusalem.

“Most of these domains align with our businesses and strategic interests.The investment in JII shall be done in partnership with OurCrowd (an Israel-based start-up crowd-funding platform), Motorola Solutions and Yissum (a technology transfer company of Hebrew University of Jerusalem),” RIL said in a company filing.

Reliance Industries had planned to invest Rs 5000 crore in digital startups over the next five years. The investment took place mostly through Jio Digital India Startup fund. It would aim at digital and internet startups. RIL has its own startup called GenNext Innovation Hub in partnership with Microsoft Ventures.

RlL would be holding a 20 per cent stake with JII. OurCrowd will take 60 per cent shares and Motorola 20 per cent. A non-investing partner, Yissum will provide support with regards to R&D.

“The proposed investment in JII would help pool significant amount of capital which is essential and foundational to fund the cutting edge innovation required by early-stage start-ups in partnership with IIA,” RIL added.

Several venture capital firms have invested into financial technology and artificial intelligence companies. As per Tracxn, about 300 startups use some form of artificial intelligence.

Fintech startups led by digital wallet and payments bank Paytm raised roughly $2 billion in 2015 and 2016.

This RIL-investment into the startup domain raises expectations. Do you think the startups space will be more glamoured?

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Excerpts from The Mint and ETtech