Tata Sons Ltd, the holding company of the diversified Tata Group, is setting up a startup incubator in Pune or Bengaluru to offer early-stage ventures better visibility to its group companies, according to a media report.
The company is defining the process and laying out the blueprint for the incubator, The Economic Times reported, citing Tata Sons chief technology officer Gopichand Katragadda.
Speaking at Pune Connect, an event organised by the Software Exporters Association of Pune, Katragadda said the company is likely to complete the basic process in three months' time.
According to the report, Katragadda is mandated to strengthen collaboration across its group companies and is looking to incubate more startups and new businesses within the group.
The launch of Tata CLiQ, the online shopping platform Tata Group, marked as the beginning of the new strategy.
The company is incubating a big data analytics startup and a digital health venture.
Indian as well as global traditional businesses are gradually opening up to the idea of startup incubation to identify innovative startups that can streamline and improve the efficiency of their existing processes.
GE Healthcare, the $18 billion healthcare technology division of GE, had in September launched its first healthcare accelerator that aims to invest up to $50 million (Rs 332.6 crore) into global health startups.
Bengaluru-based developer Brigade Enterprises Ltd launched an accelerator programme in August this year for startups working on technology innovations in the real estate and construction industries.
Barclays, Axis Bank, IIT Roorkee, U2opia Mobile and Appiness Interactive have launched accelerator programmes for startups operating in areas such as fintech, digital media and mobile app.
Tata Sons interim chairman Ratan Tata is one of India's most active angel investors.