(Yicai Global) March 9 -- Travis Kalanick, founder and former head of ride-hailing phenomenon Uber Inc., has unveiled plans for a new investment fund named 10100, which will target job creation in China and India.
“Over the past few months I’ve started thinking about what’s next,” Kalanick, who was ousted from his role as Uber chief executive in June, posted on Twitter yesterday (Beijing time). “I’ve begun making investments, joining boards, working with entrepreneurs and non-profits.”
“Today I’m announcing the creation of a fund called 10100 (pronounced ‘ten-one-hundred’), home to my passions, investments, ideas and big bets,” the California-born 41-year-old said. “It will be overseeing my for-profit investments as well as my non-profit work.”
The fund will focus on large-scale job creation through investments in real estate, e-commerce and emerging innovation in China and India, he continued, saying non-profit efforts will initially focus on education and the future of cities.
The billionaire entrepreneur left Uber amid a mire of scandals involving sexual harassment and discrimination and after a group of five investors penned a letter to Kalanick requesting his resignation. He had already taken leave of absence “to become the leader that this company needs” following recommendations that he be relieved of some of his duties.
Kalanick still has a seat on the board of investors but his power within the company is dissipating. He cashed out USD1.4 billion in January when Japanese conglomerate SoftBank Group Corp. and other investors bought a third of his 10-percent Uber stake.