Apr 19, 2017

Nomura to set up $92 mn fund to assist startups in India

BYPankaj Mishra

Investment bank Nomura has decided to set up a $92 million fund to assist startups, a senior official said.
In a statement issued here on Wednesday, the firm also said that it has commenced the Voyager  — Nomura FinTech Partnership in India, aimed at harnessing emerging technologies to help transform its businesses and services.
“We also plan to create a new 10 billion yen ($92 million/Rs 6 billion) fund to provide financial support to startups. The Voyager initiative in India is a further sign of our commitment to engage with startups and encourage financial innovation,” Yo Akatsuka, senior managing director, Innovations, Nomura Holdings, was quoted as saying in the statement.
Nomura is inviting entrepreneurs to participate in the programme to build innovative solutions for capital markets and investment banking that can be deployed across the firm and financial industry, the statement said.
A Nomura Innovation Centre (NICe) has been set up at Powai, Mumbai, to provide a platform to start-ups that will be selected for the Voyager programme, the statement said.
“New technology, supported by an innovation-driven ecosystem, has resulted in an environment of increasing collaboration between new and traditional market players,” RK Rangan, president an d CEO, Nomura Services India, was quoted as saying in the statement.
“Building on this momentum, Voyager is a programme for startups to engage with Nomura to drive innovation through its global network.”
According to Nomura, entrepreneurs working at NICe will get access to the company’s resources and test their concepts and solutions, leveraging the firm’s people, process and technology.
The partnership could lead to startups potentially gaining Nomura as a client and/or an investor, the statement said.

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Pankaj Mishra is a writer of FactorDaily.