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Oracle in deal to provide solutions to firms through incubation stage
Priya Srinivasan
Mumbai: Oracle Software India, a subsidiary of Oracle Corporation USA has signed an MoU with four venture capital companies, to partner in the incubation of a targeted 30 dotcom companies this year. Oracle's partners for this project include eVentures India, inQbiz India, Ideas2dotcom and InQbay. Oracle India plans to provide the technology to enable companies incubated by these funds, to build their e-commerce sites at a subsidized rate. "The company will subsidize the cost of the technology provided by about $15,000 to $20,000 in each case," said Dipankar Sanyal, Director Technologies, Oracle India.Though Oracle does not plan to take equity positions in any of these ventures, Sanyal did not rule out the possibility of an investment from the Oracle Venture Capital fund which is now being deployed in the Asia-Pacific region. "While these venture capital companies have the requisite expertise in building the business, we feel we can add value where technology inputs are needed," says Sanyal. "We find that most ventures have to scale up, and use the Oracle technology within months of the business picking up, and we think its a good idea to involve them right at the beginning," says Asit Shah of Ideas2dotcom. "We will treat Oracle as the preferred technology provider for the companies we fund this year. Already most of our ventures are using the Oracle platform," explains Neeraj Bhargava of eVentures. Bhargava expects at least 10 companies funded by eVentures this year, to use the Oracle suite of products. InQbiz India expects to get at least 70 per cent of the ventures it incubates this year on OracleTechnology according to Amitava Guha Roy, CEO, inQbiz India. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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