The financial services provider’s Ganesha Fund will focus on India-based fintech and IT startups that can help develop new products and digitalise its core business.

Japan-headquartered financial services firm Mitsubishi UFJ Group (MUFG)’s MUFG Bank subsidiary formed a $300m India-focused investment vehicle today dubbed MUFG Ganesha Fund.

The fund will target middle to late-stage developers of financial technology and IT products that can help the group accelerate digitalisation and expand its offerings. In addition to funding, the bank will potentially form strategic collaboration agreements with portfolio companies.

Founded in 1864, MUFG provides commercial banking, trust banking, securities, credit cards, consumer finance, asset management and leasing services. It operates across some 2,500 locations over roughly 50 global markets covering the Americas, Europe, the Middle East, Africa, Asia and Oceania.

The firm already runs another corporate venturing arm, MUFG Innovation Partners, which launched a $185m second vehicle in July 2021. The unit’s recent investments include its participation in India-based digital payment technology developer M2P Fintech’s $56m series C round, in January this year.

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.