Indian start-ups will now have another large conglomerate to back them. After the Tatas, it’s now the Aditya Birla group which has floated a separate entity to support such ventures.
On Thursday, the Aditya Birla Group announced the launch of Aditya Birla Bizlabs to be led by in-house strategy expert and group executive president Dev Bhattacharya, with the mandate to collaborate with innovative start-ups and provide them the opportunity to scale-up in a large business environment.
“Our objective at Aditya Birla Bizlabs is to enable the combination of the technology and ingenuity of the start-up ecosystem with the power and reach of the Group’s businesses to foster growth and rapidly scale-up businesses. We are excited with the prospect of working with start-ups on a collaborative platform” said Bhattacharya.
The initiative comes close on the heels of the Tata Group finalizing plans to promote digital ventures as part of the conglomerate’s efforts to tap into new areas of growth. On Aug 19, a private equity fund under Tata Capital also announced its plan to invest into Uber, a taxi hailing application.
Aditya Birla Bizlabs will look at start-ups in areas of retail, financial services or mobility as these are industries where the group has a strong presence - Idea Cellular, More, Pantaloons, Madura Fashion & Lifestyle and Aditya Birla Financial Services.
Aditya Birla Bizlabs is a 20-day program, during which short-listed start-ups will be provided access to group CEOs and CXOs and the chance to network with reputed industry experts. Also, the selected start-ups will have the opportunity to scale up by entering into a commercial arrangement with the group’s businesses. They may also receive an investment from an independent arm of the Aditya Birla Group, said a group statement.