Japanese venture capital Beenext forms $110 mil. fund to invest in Indian startups
NEW DELHI, NNA – Singapore-based Japanese venture capital Beenext has formed a $110 million investment fund to support startups in India and Southeast Asia.
The company plans to “allocate about 50 percent of the fund exclusively for the Indian startups,” it said Tuesday. The fund, namely Beenext Emerging Asia Fund, could cover some 50 firms, mainly those in India, to support their growth, a spokesman told NNA on Tuesday.
The fund targets early-stage Indian startups in the e-commerce, fintech, healthcare, agriculture, education technology as well as artificial intelligence and data-driven technology sectors, Beenext said in a statement.
Through the fund, the venture capital has invested in 14 companies, eight of which are Indian ventures such as Royal Hospitality, kitchens@ brand cloud kitchen operator, and Loadshare Networks, a logistics platform service startup, the spokesman said.
“Japanese companies remain eager for investment in Indian firms, although they cannot come and go now, affected by the new coronavirus,” the spokesman said.
The venture capital, founded in Southeast Asia’s financial hub in 2015, has since invested in more than 180 companies globally, including 72 Indian firms, the statement said.
“COVID-19 has impacted every aspect of global business, but we continue to see startup founders pushing the boundaries to not only survive but thrive in this environment,” said Teruhide Sato, founder and managing partner of Beenext. “The relentless attitude of founders will mean that solutions for a post-COVID world will also come from them.”