The Rs 2bn ($33.4m) corporate venturing fund set up by India-based telecommunications company Bharti Airtel in 2008 is currently dormant and has yet to make an investment, according to Hindu Business Line.
Airtel Innovation Fund was established to provide seed funding to startups developing apps, technology and content for the telecom sector, but despite receiving more than 150 applications, it has not invested in any of them.
The lack of activity is thought to be down to the changing structure of the internet sector in general as mobile devices become more prevalent, and in particular the way that telecom companies are being pushed to the side as Google and Facebook increasingly offer internet services. This decentralisation means that it often makes more sense for telecom businesses to simply partner with major online players,
“The company has a standing approval from its board to evaluate proposals and invest in them if they meet our benchmarks,” an Airtel spokesperson told Business Line. “While we encourage proposals, there is nothing we are actively pursuing at the moment.”