Mukesh Ambani, chairman, Reliance Industries Ltd. picture: Abhijit Bhatlekar/Mint
Mumbai: Reliance Industries Ltd (RIL) has hired John Kuruvilla to head its early degree funding initiative, GenNext Ventures Llp. Kuruvilla, founder of defunct e-trade start-up Taggle.com and previous leaderrevenue officer of the erstwhile service Air Deccan, confirmed his flow however refused to present info,pointing out it changed into “too early” to achieve this.
RIL’s investment arm, with a focus on begin-ups, will scout for investment possibilities in newtechnologies, which includes product innovation, said one of the 3 people familiar with theimprovement, all of whom spoke on situation of anonymity.
years ago, RIL chairman Mukesh Ambani had contributed $2 hundred-250 million in proprietary funding to leap begin non-public fairness (PE) investments. RIL holds a 50% stake in GenNext Ventures and has infused Rs.2,00,000 into it by way of way of equity, in keeping with the enterprise’s 2012-thirteen annualrecord.
An e-mail despatched to RIL on 30 might also remained unanswered.
“John (Kuruvilla) has been an angel investor for 5 years. making an investment at an early level is not anything new for him,” stated the second individual, a Mumbai-based early level investor, who has been in talks with Kuruvilla for funding possibilities.
Kuruvilla changed into also founding father of actual estate platform Propmart technology (he turned into the CEO and MD from 2000 to 2003. The corporation continues with out him), and leaderadvertising officer of travel internet site thru.com.
The third person, also an investor running with Kuruvilla for capacity investment potentialities, stated it helped to have an investor with operational expertise in the early stage.
“He has operational enjoy in walking organizations ranging from air tour to tour websites, e-trade to realnation solutions,” this individual stated.
In 2010, Ambani appointed Vivek Gupta, former dealing with director of consulting firm AT Kearney in India,to guide the PE funding project, in step with a 6 December 2010 Mint report.
For those proprietary investments, Ambani now has a team of approximately six humans, who’ve know-how in investing across tiers, stated a fourth character who also did not want to be named and is part ofthis organization. “it is his private wealth. We don’t need a 3rd–party fund shape. we’re a half of a dozenhuman beings crew with numerous talent sets and understanding and may invest anywhere amongRs.1 crore and Rs.1,000 crore,” this character introduced.
The introduction of proprietary finances with the aid of extremely–excessive net really worthindividuals (normally people with an annual profits of $5 million and above) is a fashion that is fastcatching on in India.
Infosys Ltd’s newly-appointed govt chairman N.R. Narayana Murthy’s proprietary investment fund Catamaran funding Pvt. Ltd invests in early to past due degree start-ups. The fund has subsidizedorganizations which includes Tzinga power drink maker Hector liquids Pvt. Ltd and Bigshoebazaar India Pvt. Ltd, an online wholesaler and store of shoes, apparel, bags, add-ons and present gadgets, exceptSKS Microfinance Ltd.
Wipro Ltd chairman Azim H. Premji’s proprietary fund, PremjiInvest, has invested greater than $1 billionacross indexed and unlisted corporations. these consist of businesses consisting of Dish tv India Ltd, JM economic Ltd, Marico Ltd, buyers forestall Ltd, Koutons Retail India Ltd and HealthCare internationalbusinesses Ltd.
numerous corporations and promoters had been already making investments through angel investor networks, and now that the size of the corpus for use for such investments has end up sizable, theyassume it is probably an amazing concept to do it on their own, defined Avinash Gupta, head, monetaryofferings, at worldwide audit and consulting firm, Deloitte Touche Tohmatsu India Pvt. Ltd.
“a lot of the promoters who’ve been setting up such sort of family places of work have a progressivemind-set and are obsessed with investing in new technology. The family office structure offers themmore manage over such tasks,” Gupta said.