Tainted Uber co-founder and former CEO Travis Kalanick has revealed plans to launch a new investment fund that will focus on large-scale job creation in India and China. In a tweet, Kalanick said the fund, called the “10100 Fund”, will look into investment areas like real estate, e-commerce and emerging innovations.
“The over-arching theme will be about large-scale job creation, with investments in real estate, e-commerce and emerging innovations in China and India. Our non-profit efforts will initially focus on education and the future of cities,” Kalanick tweeted late on Wednesday.
According to media reports, Kalanick will likely invest in startups that have between 10 and 100 employees — the magic growth stage for startups. Kalanick was forced out as the company’s CEO in July over a number of controversies and mis-steps, including allegations of widespread sexual harassment against women in the company.
Susan Fowler, a former site reliability engineer, levelled numerous allegations of sexism against her former superiors in a blog post. This led to further allegation from other employees, prompting Uber to conduct internal investigations. Kalanick still remains on the company’s board of directors.
Kalanick co-founded Uber in 2009 and made the ride-hailing app one of the world’s most valuable companies. In his 2016 trip to India as Uber CEO, Kalanick had urged ex-servicemen in India to avail entrepreneurship opportunities with the company as driver partners. Kalanick also felicitated some drivers for their extraordinary service to the country.