US-based IT services provider UST Global is considering launching a venture capital fund focused on India, according to The Hindu.
Details concerning the fund are yet to be finalised, but UST chief executive Sajan Pillai told The Hindu it would fund rather than acquire companies.
UST already supports a global fund in partnership with early-stage venture capital firm Blumberg Capital, but the new fund would be wholly run by UST.
UST plans to begin investing its India fund this year. It also aims to double its staff in India from a current base of 10,000 engineers, and to build new centres across the country.
Pillai told The Hindu: “We are opening up a venture capital fund in Bangalore, dedicated to investing in companies out of India. We are in the process of completing the formalities…it would focus on algorithm- and mathematically-driven software solutions and material sciences.”