Kalanick raises local hopes
Mumbai: Travis Kalanick, the co-founder and former CEO of Uber Technologies Inc, has now turned into an investor and India could be one of his fund's key destinations.
Kalanick announced through micro-blogging site Twitter on Thursday that he was setting up a fund called 10100 (pronounced "ten-one-hundred"), which he said will be home to his passions, investments and big bets.
He went on to add that the fund will invest in start-ups in India and China. Kalanick, however, did not specify the size of the proposed fund.
"The overarching theme will be about large-scale job creation, with investments in real estate, e-commerce and emerging innovation in China and India," Kalanick said while giving a peek into what his fund intends to do.
Kalanick, who was ousted as the CEO of the ride-hailing firm nine months ago, said over the past few months, he has been thinking about "what's next", though he had been making investments, joining boards, apart from working with entrepreneurs and non-profit entities.
He has so far made investments in a few start-ups, which include software firm Pantheon and social media platform Blippy. Kalanick is also a board member of Kareo, a medical start-up.
Earlier this year, Kalanick partly sold his 10 per cent stake in Uber for around $1.4 billion. This came after investor group, led by SoftBank, acquired a stake in the company. SoftBank, with a 15 per cent stake, is now its largest shareholder.
Kalanick went on to add that 10100 will also oversee both his for-profit investments and non-profit work.
In January 2016, Kalanick had addressed aspiring entrepreneurs at the Indian Institute of Technology, Bombay.
He had then felt that India and, Bangalore in particular, have top research and innovation hubs.
"I've been to many cities and I always refer to the three 'bays' - The Bay Area, Beijing and Bangalore, that will be in the forefront. The start-up ecosystem in the country has grown in the last 10 years, and the funding environment has gone global..we now have global investors whose main thing is to invest in India" Kalanick had then said.