Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,872.7515.95
Stock Analysis, IPO, Mutual Funds, Bonds & More

Travis Kalanick turns investor, launches new fund to back startups from India & China

Travis Kalanick, the former Uber chief executive, announced on Wednesday in a Twitter post that he is going to start an investment fund called 10100.

, ET Bureau|
Mar 09, 2018, 09.03 AM IST
0Comments
BCCL
travis (bccl)
The fund will oversee for-profit investments as well as non-profit work and focus on education and future of cities, Kalanick said.
MUMBAI: Nine months after his ouster from one of the world’s most-valued startups, Uber founder Travis Kalanick is all set for his second innings. Kalanick has launched a new fund for his personal investments in startups, for-profit and not-for-profit work.

Kalanick who has been working towards his next journey over the past few months, said he has been making investments, working with several company boards as also engaging with entrepreneurs and non-profits.

Interestingly a large part of the investments from the fund, named 10100 (ten-one-hundred) will be focused towards innovations in India and backing Indian startups.

“The over-arching theme will be about large-scale job creation, with investments in real estate. Ecommerce, and emerging innovation in China and India. Our non-profit efforts will initially focus on education and the future of cities,” tweeted Kalanick on micro-blogging site Twitter.

Kalanick’s dreams to turn investor come shortly after reports suggested he was looking to sell at least onethird of his stake in the ride-sharing giant he built. Kalanick will get $1.4 billion post that sale to Japanese internet giant SoftBank and a consortium of investors, who agreed to buy his equity valuing Uber at $48 billion, reported Bloomberg.

Kalanick resigned from Uber last June but remains on the company’s board of directors.

Investors, however, believe that Kalanick’s investments in Asia are likely to tend more towards India than China if he were to take a leaf out of Uber’s experiences in both countries.

“Travis Kalanick has visited India more often and has engaged with Indian startups rather well. He is likely to be in the process of scouting for a local team to identify opportunities in emerging technology such as artificial intelligence, internet of things, robotics across sectors that may be more relevant in India such as healthcare and fintech, beyond cab hailing alone,” said Vikram Gupta, managing partner at IvyCap Ventures.

Kalanick’s fund which will scout for innovative business models, is in line with his belief that San Francisco, Beijing and Bengaluru remain the major innovation hubs across the world and places where he is likely to make his bets.

Kalanick joins a growing rank of global technology founders who have been increasingly making investments in the Indian startup ecosystem, albeit slowly. Facebook founder Mark Zuckerberg through the Chan Zuckerberg foundation holds a stake in edutech firm Byju’s while his cofounder Eduardo Saverin has made investments both personally and through his fund B Capital in baby care firm Hopscotch and fintech startup MSwipe respectively. Former chairman of Cisco John Chambers too, announced the launch if his venture capital fund JC2 Ventures in January which will invest in startups in India among other countries.


Also Read

Travis Kalanick has sold $882 million of Uber since lockup expired

Travis Kalanick sells 20% of his stake in Uber after lockup

Travis Kalanick readies recipe for India cloud kitchen foray

As WeWork board mulls CEO ouster, there are echoes of the fall of Travis Kalanick

Uber, Travis Kalanick in business again. This time, as rivals

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service