Reliance Jio Infocomm Limited (RJIL), a subsidiary of Reliance Industries Limited (RIL), India’s largest private sector enterprise with businesses in the energy and materials value chain, has launched a new venture capital fund.
With the Jio Digital India Start-up Fund, Jio aims to create figital entrepreneurship hubs in key cities and towns of India.
The fund has set aside Rs. 5,000 crores (approx. US$750m) to be invested over the next 5 years in such areas as education, healthcare, security, communication, financial services, government-citizen interfaces and entertainment.
The fund is part of Jio’s launch of its digital services with Jio Welcome Offer, which will allow users to access to unlimited LTE data and national voice, video and messaging services along with the other applications and content, free of cost up to 31 December 2016. In addition to fixed and wireless broadband connectivity offering superior voice and data services on an all-IP network, the company will also offer end-to-end solutions that address the entire value chain across various digital services in the above mentioned key domains.