No big company or enterprise ever started from scratch; and to realize an innovative and actionable idea, one needs funds and resources. From Microsoft to Facebook to Pixar, most of them started off with a great idea, lots of effort, and a small garage. Almost everyday, entrepreneurs come up with out of the box startup ideas and fancier methods to implement them. This, however, is easier said than done, since startups need both funding and resources along with immense hard-work in their initial days to be successful.
Although the work has to be put in by the startup founders and employees, the funding and resources part is often taken care of by investment ventures and private equity firms. However, since the previous couple of decades, industry giants have also taken to venture investment in startups. Various larger corporations have assigned a separate division to invest in promising startups, in return for stakes in the company. In this article, we discuss 10 startups funded by Reliance Industries, the solutions they have to offer, and their funding amount.
C-Square is a pharmacy management platform build to empower your business and automate processes. It was acquired by Reliance Industries in 2019 for an undisclosed amount, and has since been a subsidiary of Reliance providing pharma ecosystem solutions. C-Square is a popular platform among pharma marketers and distributors with a customer base of over 35K and over 5K corporate clients. It also furnishes users with a sales force automation tools for optimization and productivity along excellent ERP for C&F Business for automating operations and managing inventory.
EasyGov, founded in 2015, is an initiative for the general masses for convenient access to schemes and programs launched by the government. It was funded by 2 investors in the Angel round, and then acquired by Reliance Industries for an undisclosed amount. EasyGov endeavors to transform discovery and delivery by providing the public a platform as an interface to communicate with the government. It has further stood by its promises by making technology simpler for both parties, sharing data for interdepartmental programs, and providing the right tools for collaboration keeping in the mind the security needed while handling sensitive information.
Asteria Aerospace is a robotics and artificial intelligence based company founded in 2011, and has been funded by 3 investors including Reliance Industries, over one funding round. Asteria is striving to innovate UAV design and integrate it with robotics and artificial intelligence to collect data seamlessly. While its current hardware portfolio encompasses 6 drones with varying capacities and endurance, with AT-15 model being the outmatching others, the software portfolio consists of 2 products including Cartis and Genesis, for project planning, monitoring, and asset management.
Founded in 2015, Netradyne is a software development company that deploys deep learning and computer vision to find solutions to real-world problems. Netradyne has, to date, raised a funding of over $47 million from 4 investors including Reliance and M12 over 3 funding rounds, with closing the most recent funding round in the December of 2019. Netradyne uses edge computing and implements machine learning and AI to reduce accidents and raise the driving standard for commercial vehicles. It captures real-time driving experiences, and helps you understand driving behavior how accidents can be avoided.
Fynd, founded in 2012, is an Indian E-commerce platform and an online shopping destination for fashion and clothing. It has been funded by 19 investors over 7 funding rounds with 4 lead investors, raising about $4.4 million in funding, and was acquired by Reliance in 2019. Fynd Fynd operates through an offline-to-online model, and offers various products ranging from men's and women's clothing to beauty and personal care products to home and living and baby care products. Fynd also sells some popular fashion brands including Nike, Spykar, Puma, and Red Chief, including others.
KareXpert is a designing technology platform and a Digital Healthcare startup, and has been acquired by Reliance Industries for INR 10 Crore. Founded in 2004 by Nidhi Jain and based in Gurugram, KareXpert endeavors to realize "Patient Continuity" in India and heads with a more customer centric approach and cloud based technology for healthcare providers and patients. Reliance also recently launched its healthcare app, JioHealthHub for users, and acquisition and investment in KareXpert seems in the view of strengthening the app.
Milkbasket is a micro-delivery service for grocery and household products, and has raised a over $38 million over 11 funding rounds from 18 investors including 9 lead investors. While its investors include some big names such as Blume Ventures and Unilever Ventures, Milkbasket was recently acquired by Reliance Industries for over $40 million. It offers its users a very basic approach where all the user needs to do is register with the app and add money to the Milkbasket wallet with any amount. Once this is done, the user can then start purchasing groceries and even set repetitive orders while the delivery team gets your order to your doorstep.
RadiSys, a leading provider of hardware and software for wireless, wireline, and video networks, and has raised over $39 million in 2 funding rounds from Hale Capital. However, it was acquired by Reliance for $75 million in 2018, as it looks to enhance Jio's presence in 5G and Internet of Things (IoT). The solutions that RadiSys has to offer encompass business applications such as audio, video, and edge media, Networking solutions such as virtual and open RAN, multi access edge, as well as AI ops including software customization and conceptualization.
Founded in 2012 by Aditi Avasthi, Embibe offers educational services powered by Artificial Intelligence for students with personalized feedback. It has thus far garnered an investment of $196 million over 4 funding rounds with 4 investors including 2 lead investors with big names such as Reliance and Kalaari Capitals. Be it competitive exams such as the JEE and NEET or high school subjects, Embibe helps with prepare and crack some of the toughest competitive exams, and allows you to analyze and track your progress through the course of preparation. Embibe also offers various resources including college predictors and methods to enhance your scores along with a lot more.
Founded in 2010, Netmeds is one of India's most trusted online pharmacy companies, and has raised a total funding of over $99 million from 4 investors over 3 funding rounds. While Netmeds has been funded by 4 investors all of who were lead investors, it has recently been acquired by Reliance through a 60% majority stake in the company for approximately INR 620 Crore. Netmeds delivers medicines and other health and personal care products including eyewear and surgicals. It has also recently started delivering first aid kits, skin treatment, health supplements, and healthcare devices such as Orthopaedics and Measurements.
Reliance Industries is one of the giants in India, and has managed to make its presence felt in the production and exploration of crude oil. Since the launch of its accelerator program, JioGenNext and even previously, Reliance has made 14 investments and 21 acquisitions, and has endeavored to support entrepreneurship and startup ecosystem with mentorship and support for the same. Hence, to say that entrepreneurship in India is just beginning to blossom would be an understatement, and the startup ecosystem will continue to thrive with such equity firms and actionable and innovative ideas.