India-based conglomerate Reliance Industries through its corporate venturing arm, GenNext Ventures, and the India focused arm of computer company Microsoft, are to partners to form a incubation programme, The Economic Times has reported.
The Reliance-Microsoft programme, which is based on the US Y Combinator model, will provide India-based start-ups with seed capital, mentorship and access to technology.
Reliance Industries is India’s biggest private company with interests in petroleum, telecommunications and retail.
GenNext Ventures, which was since founded as the Reliance’s investment arm in 2010, has made two investments, backing software maker Covacsis Technologies and video surveillance manufacturer Videonetics Technology.
Microsoft India will provide mentorship to the selected start-ups as well as access to its business units in India.
GenNext will provide funding of between $80,000 to $330,000.