UAE-based OMA Emirates Group has launched a fintech Fund. the newly launched fund will focus on emerging and potential financial technology companies and startups in India.
According to ET reports, OMA Emirates will invest a corpus of $3 million towards fintech startups that have been in operation for 12 months or less. Apart from this, the firm also plans to invest $20 million across other fintech verticals and towards innovation of existing products and services depending on the national and international presence of the company.
Commenting on the development, Niranj Sangal, Group CEO, OMA Emirates Group 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.”
Not only this, OMA Emirates will provide support to tech startups in terms of technology, R&D, practices and GTM strategy. The firm is focused on growing and developing fintechs in addition to providing capital support.
“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,” added Sangal.The OMA Emirates fintech Fund further aims to provide growth with adequate mentoring and scalability to potential companies within the sector.
The OMA Emirates fintech Fund further aims to provide growth with adequate mentoring and scalability to potential companies within the sector.