JioGenNext has been conducting 16 cohorts since the beginning of 2017, receiving more than 12,153 applicants.
In all, startups in the incubator program have been able to raise greater than INR 2,600 crores in venture capital at an early stage: RIL annual report
RIL also provided $12 million in grants to 15 Israeli startups from 2017 in the context of its Labs/02 initiative.
RIL’s (RIL’s) Startup accelerator program JioGenNext has spawned 170 startups over the course of seven years, as per the Mukesh Ambani-led business’s annual reports for the year 2021-2022 (FY22).
The company said that it has run 16 cohorts since the beginning of its existence. In all, JioGenNext claims to have received more than 12,153 applications thus far from entrepreneurs who are just beginning their careers. From the 170 startups mentored by JioGenNext that have received funding, 79 have been able to raise funds as well as 21 of them have been bought by various companies.
The total number of startups participating in the incubator program have received over INR 2,600 crores in early stage venture capital (VC) according to the report stated.
The program was launched in 2014 and the JioGenNext accelerator program has brought on board 30 corporate partners as well as over 90 advisors, enabling startups to expand their operations as well as provide capital and portfolio management to selected founders.
The report for the year stated that JioGenNext also has launched their Market Access Program (MAP) in FY22 in order to allow startups that are still in the beginning to scale. As part of the first group eleven startups were chosen including the farmer-focused fintech platform Farm Infinity, fashiontech startup Bigthinx and Bigthinx, among others.
The program’s goal is “to create bridges between founders and the RILand Jio ecosystem; to create and facilitate interactions between startups and internal stakeholders, to look into opportunities and partnerships that could assist them in scaling quickly” according to the annual report stated.
The MAP program is also designed to provide startups with advice on innovative products, go-to market strategies hiring marketing, fundraising, and many more.
The company that makes oil to telecom said it has also developed fifteen Israeli startups since the year 2017 in their Labs/02 project. The incubator is operated in partnership together with Israel Innovation Authority (IIA), OurCrowd, Hebrew University and Ben-Gurion University.
RIL has approved more than $12 million in grants for Israeli startups after having reviewed more than 1500 startups through the process. It primarily invests in startups that are deep tech that provide them with funds and mentoring, and leverages the businesses to engage with its retail, telecom and oil-to-chemical companies .
The annual reports of the company confirmed that it is firmly determined to invest in hydrogen and solar gigafactories and other technologies of the future.
The company has announced its investment in cleantech, RIL said that its joint venture (JV) Jio-bp (British Petroleum) has launched an exchange of batteries together with the foodtech giant Swiggy. Additionally that, last year, the company joined forces to BluSmart to provide charging services in Delhi-NCR.