India and Japan to support each other in promoting tech start-ups

India and Japan to support each other in promoting tech start-ups
India and Japan are set to launch a fund-of-funds (FoF) of $187 million to invest in technology startups, $150 million of which will be raised by Japan and the rest of the $37 million will be raised by India, according to reports.

 

In India, tech start-ups are taking a big piece from investors. The Indo-Japanese fund is expected to invest in more than 200 unique Indian tech startups in emerging fields such as IoT, AI, ML, fintech, healthcare, consumer, education, robotics, automation, and B2B software.

Four investors from Japan – Mizuho Bank, Development Bank of Japan, Nippon Life and Suzuki – have already signed letters of intent to back FoF, reports said.

From India, Reliance Nippon Life Asset Management Ltd (RNAM), the Indian asset management arm of Nippon Life, will manage the fund.

Set-up of FoF is expected to enhance tech-corporation between two countries.