Ratan Tata joins hand with California University to fund start-ups and Indian enterprises
Iconic Indian business baron Ratan Tata's private investment company, RNT Associates announced a partnership with the University of California's Office of the Regents (UC Investments) to look at funding-appropriate startups, new companies and other enterprises in India. On February 5, in the city of Bengaluru, Tata opined young people coming from US universities and some of them from the University of California, can work together for cementing ties involving high, low and new technologies.
"We are here today to announce a partnership with the University of California and ourselves – basically to look at funding appropriate startups, new companies and other enterprises in India," Tata told the press. He also said many details need to be worked out and it is at a concept stage. However, it is a very far-sighted step to recognise the new industry that is emerging in India, Tata added more.
Being asked about the duration of investment, the University of California's Chief Investment Officer, Vice President of Investments, Jagdeep Singh Bachher said they are looking at five to tens years of investment. Talking about partnership, Mr Bachher said that University of California couldn't think of a better partner than, Mr Tata for exploring opportunities in the new India: "If we can bring what Silicon Valley is doing to India, then one plus one can be more than two in is situation."
Ratan Tata revealed "meeting after six months or a year, we will have found a better feel of what we have found, along the way resulted in investment." Talking about the nature of partnership, Tata told the "University of California, through its system, they have areas where great assistance will come to an entrepreneur which he himself would not be able to put together, and there may be areas in our side that the University of California has not seen an outlet, but an outlet does exist."
"It is a very far-sighted step to recognise the new industry that is emerging in India – (it is) not an extension of the industrial growth of any of us," he told the reporters in Bengaluru.
The partnership means there is a great runway that these opportunities have the ability to become collectively the new India which is exciting, Bachher told.
In the month of January Ratan Tata invested in Tracxn Technologies, DogSpot – a Gurgaon-based online pet care portal. He also invested in an online cashback and coupons venture, called CashKaro. Recently he invested in Teabox and First Cry. Till now, more than 25 startups have received personal investments. Tata's investments include stakes in three of India's unicorns including Snapdeal, Paytm and Ola.
"Though many details need to be worked out, the joint view is to encourage entrepreneurship. We haven't pre-judged what we are going to do, or the size of investments but we are looking to invest in young entrepreneurs and believe that the University of California could provide great assistance to them." Ratan Tata, chairman of RNT Associates said in Bengaluru. But the targets or investment details have not been disclosed yet.
Explaining the value of the University of California, Mr Tata said: "UC, through its system, can provide great assistance to an entrepreneur here, something he may not be able to put together himself. Somewhere in the archives of UC there may be knowledge for which India is an outlet. It is our joint view to encourage entrepreneurship by recognising the ability of the founding groups and providing them support in a manner that will make a difference."
( Input: sources and dna)