US-based IT services provider UST Global has established a corporate venturing fund that will invest in early-stage innovation in India, the Business Standard has reported.
Founded in 1998, UST offers end-to-end IT services to businesses. It recently secured a $30m contract from the Indian state of Madhya Pradesh to digitise its government services, and is planning further expansion in the country.
UST has set up a corporate venturing unit as part of its expansion plans in India, where around 8,500 of its 15,000 employees are located.
The company intends to also complete a $200m campus in Thiruvananthapuram and boost its Indian workforce by up to 15,000 on the way to increasing its revenues from $1.1bn to $3bn over the next two years, according to Sajan Pillai, UST Global’s chief executive.
“We look to hire more to our team in India and expand to more cities,” Pillai said. “We have launched a venture capital fund in Bengaluru to invest in startups in areas like mathematical innovations and material science innovations.”