MUFG Bank, the main banking division of Japanese financial conglomerate MUFG, said on Monday that the new MUFG Ganesha Fund will invest $300 million in Indian businesses.
“Through this… Fund, MUFG Bank will invest in the middle to late-stage Indian startups,” the company said in a statement here.
According to MUFG, given the emergence of young digital natives in the nation, the fast distribution of the Internet, and the promotion of government policies that encourage digitalization, India has witnessed a surge in the number of startups exploiting digital technology, backed by robust economic development. Fintech companies that support unbanked segments of the country who were previously unable to receive financial services, as well as companies specialising in the environmental sustainability and renewables sectors, are among the startups that are using technology to solve social issues, according to the report.
It stated that financially supporting the growth of startups in India, it will help to the establishment of new sectors and the long-term development of local communities.
“Through the fund, MUFG will also drive collaboration with promising companies in the areas of tech and IT, and explore new business opportunities,” it added.
