MUFG Bank, the core banking subsidiary of Japan’s Mitsubishi UFJ Financial Group, is looking to set aside US$300 million for investments into Indian startups.
Photo credit: Tech in Asia
Through its new MUFG Ganesha Fund, the company will back middle- to late-stage companies in India, aiming to provide a wider range of financial services to its portfolio firms.
MUFG Bank said that India has seen an increase in startups leveraging tech, which they use to solve issues such as providing financial services to the unbanked and innovating in the sustainability and renewables sectors.
The company aims to accelerate the growth of such startups through its new fund. It also plans to work with promising companies in tech and IT as well as explore new business opportunities.
MUFG Ganesha Fund’s launch follows the bank’s US$80 million commitment to Southeast Asia with the launch of Mars Growth Capital in August 2020. The investment vehicle – a joint venture between MUFG Bank and Liquidity Capital MC – recently announced plans to establish a new debt fund.
See also: Meet the 50 top-funded startups and tech companies in India
Editing by Collin Furtado and Lorenzo Kyle Subido
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