Sunday, November, 27, 2022 08:38:58

Jio Platforms, a technology company & a subsidiary of Reliance Industries Ltd., has reportedly announced plans to invest over $200 million in Kalaari Capital, a venture capital company. As per reliable reports, the company has closed an investment of $100 million to date, with an additional $100 million commitment to be infused in the near future.

The venture capitalist firm based in Bengaluru has gained high prominence over the past decade, following its support for various startup companies such as Dream11, Urban Ladder, Myntra, and Snapdeal. The upcoming fund infusion by Jio Platforms in Kalaari will become one of the largest commitments made by an Indian conglomerate company in a VC firm.

This announcement happened along the heels of the acquisition of Kalaari’s portfolio companies including Zivame and Urban Ladder by various units of Reliance Industries. In the past few years, the VC company has been aiming towards raising its 4th fund. In 2012, the venture capital announced the closing of a $150 million fund. Kalaari last secured funding in 2015, when it mopped $290 million. An Indian venture capitalist Vani Kola also revealed that the company was targeting to raise $200 million in funding in January 2019.

Kalaari was founded in 2006, during the time when Kola, a technology entrepreneur; Kumar Shiralagi, a former Intel executive; and Vinod Dham, a former Intel Corp’s Vice President launched an India fund worth $190 million backed by NEA (New Enterprise Associates), a Silicon Valley venture capital firm.

The company was originally known as NEA IndoUS Venture Partners, which later operated under the brand name, IndoUS Venture Partners, when NEA decided to function as a separate organization in India. However, the VC fund was again renamed as Kalaari, when Vinod Dham decided to leave the team in 2012.

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