Recently in a conference held by Mukesh Ambani, he enlightened the business world about the opportunities in startup and also claimed that Reliance Industries is actively searching for Indian startups for a tie-up. By collaborating with these startups, Reliance Industries wants to work as a catalyzer in their growth by providing them with product development, scale-up capital as well as product development.
In his own words, “We have a very special place in our hearts for startups, whom we consider our brothers-in-arms. I believe that there is no better partner for Indian startups than Jio. We are ready to integrate them into our road map and to help them reach their full potential,” said Mukesh Ambani.
Mukesh Ambani then continued to say that the Reliance Industries have already partnered with 20 startups and their solo motto is to promote the ‘Made in India’ movement where we could localize our market by having our own products and services without having to rely on an outside source.
According to a Morgan Stanley note in December, Reliance Industries have spent about $3 billion on acquisitions mainly for Reliance Jio and Reliance Retail since 2017.
Although, Reliance Industries along with Jio has extended their support towards the small startups as well as the mid-level startups for their welfare and their growth to promote the ‘Made-in-India’ movement but it is also true that it is giving tough competitions to the bigger level startups that were initiated in India, that includes the mobile payment app Paytm, the online-education platform Byjus, business-to-business commerce major Udaan, and the likes of it.