Conglomerate Reliance Industries’ mobile network subsidiary, Jio Platforms, will provide up to $200m for the fourth fund raised by India-based venture capital firm Kalaari Capital, the Economic Times reported yesterday.
Jio has supplied half of the capital as a cornerstone investor for the fund’s first close, while the remainder has been earmarked for a second portion set to close in the next 12 to 18 months, a person familiar with the matter told ET.
Founded in 2006 as NEA IndoUS Venture Partners, Kalaari Capital has $650m under management and focuses on early-stage internet technology developers based in India.
Vani Kola, Kalaari Capital’s founder and managing director, told ET in early 2019 the latest vehicle had a $200m target, the firm having closed a $290m fund four years before.
A Reliance spokesperson told ET by email: “Reliance remains committed to supporting the build-up of a thriving startup ecosystem in India, particularly in digital enablement space, and will continue to explore various avenues to do so.”
The news came after Kalaari-backed furniture vendor Urban Ladder and Actoserba Active Wholesale, the owner of lingerie retailer Zivame, were respectively acquired by the corporate’s Reliance Retail Ventures and Reliance Brands subsidiaries in November 2020.
