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.
The latest initiative is part of MUFG Bank’s ongoing Asia growth strategy, exploring regional ecosystems outside of its home country.
In January 2022, the bank committed to Mars Growth Capital – a Singapore-registered investment manager it created with credit provider Liquidity Capital – as a limited partner in order to form a debt financing vehicle.
MUFG also has an accelerator scheme, MURC Leap Over, in place, and it counts Mitsubishi UFJ Research & Consulting as a co-sponsor and another sister unit, Mitsubishi Electric, as a strategic partner. The companies all function under the umbrella of diversified conglomerate Mitsubishi Group.
Image courtesy of Mitsubishi UFJ Financial Group Inc.
