MUFG establishing USD 300 mn fund to invest in Indian start ups

Japanese financial group Mitsubishi UFJ Financial Group (MUFG) is establishing a USD 300 million fund to invest exclusively in Indian start ups, a senior official said on Saturday.

''MUFG is establishing a 300 million US dollar fund named MUFG Ganesha Fund to invest exclusively in seeding Indian start ups,'' MUFG's Member of the Board of Directors and President and Group CEO Hironori Kamezawa said while speaking at The Economic Times Global Business Summit.

The fund intends not only to financially support Indian economic growth but to drive collaboration between MUFG and promising companies in the areas of technology and information and technology (IT), he said.

MUFG established MUFG Enterprise Solutions India (MESI) in 2020 as its global capability centre. The group envisions MESI as a global hub of technology and innovation in the future, Kamezawa said.

It has also made strategic investments in the Indian fintech Startup Enterprise – M2P Solutions and also in Jupiter, a 100 per cent digital Indian bank, through MUFG Innovation Partners (MUIP), its global start up investment arm.

Kamezawa said the group, as part of its business strategy, is reallocating capital from elsewhere to focus more intensely on three specific areas – Asia, asset management and IT.

Given India's clear impact in two of those three areas, geographic presence and world-class information technology, the country is strategically important to MUFG, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)