Israeli startups eLoan and InQSec have enrolled in Mukesh Ambani’s accelerator GenNext’s second class, reports Globes. eLoan offers a mediating platform between lenders and borrowers, while InQSec provides IT and security consulting and has a platform connecting 2 parties through networks, systems and devices.
eLoan was founded by Amit Levinstein, Yigal Alkaslasy, and Yoram Gavish in April 2015. It also sold 19.9% of it to Meitav DS Holdings and offers loans up to NIS 200,000 (~ Rs 33,66,005) with a repayment period of up to 6 years at supposed low interest rates compared to banking alternatives.
Israeli startups could enhance cellular networks
Another Globes report cited Vivek Rai Gupta, a managing partner at GenNext as saying that the accelerator wants to hook up to the Israeli ecosystem and discover companies that can enhance the deployment of Reliance Jio’s cellular networks. Rajan Luthra, senior VP at Reliance Industries said that it was looking at startup companies in security, health, educational, entertainment and content domains. He added that Reliance was a digital services company, not a traditional telecom company. According to Luthra, India has 100-200 million potential customers for which Israeli startups could have suitable ideas, technologies or products, and that Reliance had “no limit” in the amount of investment.
GenNext Innovation Hub is owned by Mukesh Ambani in cooperation with Microsoft Ventures. In March, Bloomberg had reported that Ambani was looking to invest in startups from Israel, the UK and the US to integrate them into e-commerce and telephony services in India. GenNext provides office space and industry experts and considers buying a small stake in one of the startups which has a business alignment with Reliance. Its first batch included LogiNext Solutions, Coitor IT Tech, Health Vectors and CarIQ along with AxleRate.
Debt raising through debentures: Earlier today, we reported that Reliance Jio (RJIL) is planning to raise Rs 3000 crore by issuing secured redeemable non-convertible debentures on private placement basis, likely aiding the company in its 4G rollout. According to RJIL, it has so far invested over $14 billion to set up the telecom infrastructure.
Presence in 18,000 cities: In July, RJIL claimed that it was present in all 29 states in India and had a direct physical presence in nearly 18,000 cities and towns. Earlier this month Reliance Jio changed its previous statement “financial year 2016-17 will be the first full year of commercial operations for Jio” to “Financial year 2016-17 is projected to be the first year of commercial operations for RJIL”, hinting that instead of releasing in December as planned, the rollout might be delayed by another quarter.