JioGenNext has run 16 cohorts in 2017 handling more than 12,153 application.
The total number of startups participating in the incubator program have raised greater than INR 2,600 crores in venture capital at an early stage: RIL annual report
RIL also provided $12 million in grants to 15 Israeli startups from 2017 in the context of its Labs/02 initiative.
RIL’s (RIL’s) startups accelerator program JioGenNext has spawned 170 startups over the course of seven years, as per the Mukesh Ambani-led firm’s annual financial report for the period 2021 to 22 (FY22).
The company said that it has held 16 cohorts since it was founded. In all, JioGenNext claims to have received more than 12,153 submissions so far from entrepreneurs who are just beginning their careers. From the 170 startups mentored by JioGenNext there have been 79 that have raised funds as well as 21 of them have been bought by various companies.
The total number of startups participating in the incubator program have received over INR 2,600 crore in early-stage venture capital (VC) according to the report stated.
In 2014, the JioGenNext accelerator program has brought on board 30 corporate partners as well as greater than 90 instructors, enabling startups to grow their businesses as well as provide capital and portfolio management to selected founders.
In the annual report, JioGenNext said JioGenNext also has launched their Market Access Program (MAP) in FY22 to help startups in the early stages to grow. In the first group 11 startups were selected including the farmer-focused fintech platform Farm Infinity, fashiontech startup Bigthinx and Bigthinx, among others.
The program’s goal is to establish bridges for founders within the RILor Jio ecosystem, and to create and speed up interactions for startups that have internal stakeholders, to look into possibilities for partnerships and opportunities to assist them in scaling quickly according to the annual report stated.
The MAP program also seeks to assist startups in innovative products, go-to market strategies marketing, hiring and fundraising, among many other things.
The company that makes oil to telecom said it has also developed fifteen Israeli startups since the year 2017 in the Labs/02 program. It runs the incubator along with Israel Innovation Authority (IIA), OurCrowd, Hebrew University and Ben-Gurion University.
RIL has approved more than $12 million in grants to Israeli startups after having reviewed more than 1500 startups through the process. It is a major investor in startups that are deep tech that provide them with funds and mentoring, and leverages the companies to collaborate with its retail, telecom and oil-to-chemical companies .
The annual reports of the company confirmed that it is firmly dedicated to investing in hydrogen and solar gigafactories and other technologies of the future.
In announcing its investment in cleantech, RIL said that its joint venture (JV) Jio-bp (British Petroleum) has implemented an exchange of batteries together with the foodtech giant Swiggy. Additionally the company has also partnered together with BluSmart to provide charging services in Delhi-NCR.