Taiwan-based contract manufacturing company Foxconn plans to establish a venture capital fund and incubator in India as part of a $20bn investment plan in the country, the Economic Times reported on Saturday
Foxconn will seek to invest in e-commerce, mobile internet, online services and renewable energy, and is also interested in funding research at Indian universities. The company’s interest in funding Indian startups was originally reported by The Hindu on Friday.
The news was disclosed as Foxconn founder Terry Gou visited India to conduct talks with some 20 businesses at the offices of venture capital firm Accel Partners.
In addition to providing funding, Foxconn reportedly hopes to assist startups in entering foreign markets including Taiwan, China and Japan. Companies in those three countries would also receive assistance in partnering with startups in India.
Gou’s visit follows an earlier trip by a 30-member delegation from Foxconn who met with 25 companies including taxi hailing service Ola and Flipkart, the e-commerce company backed by internet holding firm Naspers.
Foxconn also plans on building 12 new facilities, including factories and data centres, in India by 2020.