The Middle East-based OMA Emirates Group has announced the establishment of an investment fund in India’s fintech startups.
The company will invest USD 3 million in startups operating for less than a year. Next to that, it will also put another USD 20 million for innovation of existing products and services.
In addition to funding, OMA Emirates will also provide tech and marketing support to the startups. According to Niranj Sangal, the CEO of OMA Emirates Group, more than a half of the young Indian companies cease operations due to lack of funds.
OMA Emirates Group has branches across the Middle East, Eastern Europe, and Africa. It offers a wide range of solutions for the financial industry – from card personalization to payment issuances. The company has extended its business to India at the beginning of 2017, when it acquired MobiSwipe.