United Arab Emirates-based payments technology developer Oma Emirates announced yesterday it will invest a total of $23m in fintech startups and verticals in India, according to the Economic Times.
The company will invest a total of $3m in fintech startups that have been operational for less than a year, while the remaining $20m will go towards fintech verticals and other areas that are of interest to Oma Emirates’ existing product suite.
The corporate will also offer technology, R&D, best practices and go-to-market support to startups.
Niranj Sangal, group chief executive of Oma Emirates, said: “The payments space particularly in India has evolved with several remarkable innovations. Globally, India has been viewed as a growing market for startups and SMEs and has been an active player in the fintech segment.
“With the Oma Emirates Fintech Fund, we aim to aid such fintech startups which we believe will be a credible asset to Oma Emirates. We are looking beyond simply providing financial support and will explore strategic partnerships with all the companies we engage.”