Jasper Infotech, the India-based owner of e-commerce site Snapdeal, is setting up an incubator that will focus on mobile technologies, the Economic Times reported on Tuesday.
Snapdeal will invest in the companies it incubates at seed stage and will form a dedicated team to oversee the incubator, which will work with eight companies at a time over two-month periods.
Abhishek Kumar, head of corporate development for Snapdeal, said: “We are in the process of structuring the incubator and plans are more or less in place. We will start looking for companies once we have an interface for it, which will be separate from Snapdeal.”
Snapdeal, which has raised over $400m from investors including Ebay and Intel, could potentially also be open to working with other mobile technology corporates or incubators on the initiative. Additional details are likely to be released soon.