GenNext Ventures, Microsoft to set up Innovation Hubs

Written By Unknown on Jumat, 05 September 2014 | 21.03

GenNext Ventures, the venture investment management arm of Reliance Industries  (RIL), Friday signed a three-year partnership with Microsoft India, through Microsoft Ventures, to set up GenNext Innovation Hubs -- a pan-India initiative to catalyze the country's technology start-up ecosystem.

The memorandum of understanding (MoU) was signed between Dr R A Mashelkar, Chairman, GenNext Ventures and Board Member, RIL, and Bhaskar Pramanik, Chairman, Microsoft India.

The first hub will start operations in October in Mumbai, and will be subsequently emulated across multiple cities in India.

The MoU allows GenNext Ventures and Microsoft Ventures to bring together key stakeholders — academia, students, entrepreneurs, investors, and corporates -- at the GenNext Innovation Hubs and offer some of the most critical resources that start-ups need to be successful.

Microsoft Ventures will help GenNext identify, shortlist, on-board promising start-ups and power the accelerator program. Microsoft Ventures will also provide these start-ups access to software and technology advice. At the end of the accelerator program cycle, GenNext will invest strategically and selectively in some of these IT start-ups.

Announcing the partnership, Dr Mashelkar said: "Technology start-ups, which are a key source of innovation in India, are at an inflexion point today. While the numbers have grown exponentially year on year, the industry is at a nascent stage. While several initiatives are underway to help startups, what is lacking is a national platform that seamlessly brings together all stakeholders and also provides the resources Indian startups need to be successful. That's what we are aiming to do through GenNext Innovation Hubs, in our partnership with Microsoft Ventures."

Bhaskar Pramanik, Chairman, Microsoft India, said: "The emerging trends in India's technology start-up space are fascinating--both in numbers and in diversity of ideas. At Microsoft, we have had a long-standing commitment to innovation, not just within but also in the IT ecosystems of markets we operate in. Microsoft Ventures is leading that for us in India. With this partnership, startups in India will have access to GenNext Ventures' deep industry experience and Microsoft Ventures' knowledge and IT industry network and strength."

"The GenNext accelerator is all about getting start-ups or entrepreneurs with some great ideas and we are really focusing on four primary areas for the GenNext hub in Navi Mumbai, one is around Big Data, second is around healthcare, education and also around digital media and retail," he added.

The GenNext Innovation Hub at Mumbai will provide the opportunity to a select group of entrepreneurs to launch or re-engineer their company through an immersive, four-month-long program. Start-ups in the program will have access to business mentors, technical and design experts and "plug and play" office space. They will also have access to mentors who can help them gain valuable market insights for Indian and global markets.

Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.

Reliance stock price

On August 22, 2014, Reliance Industries closed at Rs 1025.20, up Rs 1.10, or 0.11 percent. The 52-week high of the share was Rs 1142.50 and the 52-week low was Rs 794.00.


The company's trailing 12-month (TTM) EPS was at Rs 68.89 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.88. The latest book value of the company is Rs 609.34 per share. At current value, the price-to-book value of the company is 1.68.


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