India-based conglomerate Vedanta Group said it would invest Rs 100 crore ($!35,000) through an open innovation programme.
Vedanta Spark will focus on sustainability practices and “looking to partner with early-stage, growth stage, and venture stage tech startups in order to tap into massive innovation and growth opportunities”.
Sunil Duggal, Vedanta Group CEO, said: “We will make it our duty to embrace these startup partners as we strongly believe Vedanta can derive huge enterprise value. We will make this a periodic programme going forward and consider expanding this partnership with global educational and research organisations as well.”
The Spark initiative in partnership with incubator Forge had 1,350 registrations with 23 accepted.
Vish Sahasranamam, co-founder and CEO at Forge, added: “It is easily the most comprehensive corporate open innovation programme in India thus far, spanning 16 opportunity themes and over 75 innovation challenges, cutting across several core industrial functions in a globally diversified conglomerate.”