Reliance Industries through its start-up prmotion arm GenNext Innovation Hub today began the "Fall 2015" batch to explore development of new digital technology in areas such as instant financial transactions, advertising and audio video calls.
"Startups have begun engaging RIL in the business areas of logistics/supply chain management and corporate security," Reliance Industries Ltd said in a joint statement with Microsoft Ventures.
The statement announced beginning of Fall 2015 batch of 10 start-ups which will be incubated by both the organisation at GenNext Innovation Hub.
"GenNext is bringing in startups in its Fall batch that will define and shape the future of digital opportunities through their differentiated technology and business process offerings in areas such as instant credit scores and lending, instant bill payment in restaurants, real-time advertising on public screens, operational intelligence for IoT applications, audio-video call based consultation with doctors, etc," the statement said.
RIL telecom arm Reliance Jio is expected to start 4G mobile services by the end of this year.
The batch includes two start-up firms, In*Q*Sec and eLoan, from Israel.
"The launch of the Fall batch at the GenNext Innovation Hub startups marks the beginning of a new working partnership between RIL and the startup ecosystem of India and Israel. We hope to see many new startups working closely with GenNext in exponentially growing their business," RIL Board Member and GenNext Chairman Raghunath A. Mashelkar said.
In*Q*Sec will work on a new idea related to continuity of network operations, and eLoan in the area of instant peer to peer lending, the statement said.
"The very fact that we have startups from Israel which is the startup nation shows the importance and the growing maturity of India and brings out the thought leadership work done by Microsoft Ventures here in India and globally," Microsoft Ventures Director Rajinish Menon.
GenNext Innovation Hub is also pursuing a new global partnership programme to collaborate with organizations in US, Europe and Asia to engage their respective startup ecosystems.
