Japan floats USD 140 million Fund of Fund (FoF) to push innovations in digital space in India
NEW DELHI: In its bid to promote startups-led innovations especially in the field of digital space in India, Japan has set up a USD 140 million (Yen 15 Billion) Fund of Fund (FoF).
This gigantic initiative stems from the India-Japan Digital Partnership (IJDP) program envisaged during the visit of PM Narendra Modi to Japan in Tokyo in October 2018 when both the countries had signed a Memorandum of Cooperation (MoC) to boost cooperation in areas like Start-up Initiative, Corporate Partnership, ESDM promotion, Digital talent exchange, R&D Cooperation, and Security related strategic collaboration.
“Japan and India had agreed to establish India Japan Digital Partnership (IJDP) in October 2018. On the basis of this partnership, we have set up a Yen 15 billion (USD 140 million) Fund of Fund, and this fund has also been utilized to support several ventures in India,” disclosed Shingo Miyamoto, Minister (Economic & Development), Embassy of Japan in New Delhi, while participating in the International Roadshow for Prarambh: Startup India International Summit 2021 organized by IFCCI.
The minister said the digitalization of the economies and societies has been further accelerated by the corona pandemic, so the government of Japan has been partnering with the companies in India and ASEAN to foster new entrepreneurship by providing funding, human capital and know-how in countries in Asia including India through a program Asia Digital Transformation.
“We have been supporting the promotion of the online diagnosis which is done by Olympus. Also supporting a program for increasing agricultural yield using satellite images. Maruti Suzuki is doing the development of mobility solutions in rural agriculture areas. So we know that we will able to continue to participate in the creation of new innovation with the Indian industries and the government in the future,” said Shingo Miyamoto.
IJDP also incorporates the setting up of “Start-up Hub” between India and Japan, and resultantly a “Japan-India Startup Hub” was established in Bengaluru by JETRO in October 2018 while from the Indian side Invest India launched a web-portal for IJDP at https://www.startupindia.gov.in/japan .
“IIT Hyderabad which we have been supporting since its establishment, JETRO and JICA have been working with this IIT for conducting employment support programs for IIT students. In the most recent of such events, 20 companies from Japan, and more than 400 students participated. IIT Hyderabad has entered into many MOCs with Japan Research Institutes, so we continue to enhance the venture ecosystem in Hyderabad,” he informed.
