JPMorgan plans to finance startups in India, expand beyond dealmaking: Report
startups in India, its senior official told Bloomberg. The bank plans to work with companies that are pioneers in their sectors, developing new products or services, and is targeting companies with a large consumer orientation in India, as well as abroad, Kaustubh Kulkarni, the senior country officer for India said. “We want to be there first with those companies," Kulkarni said in an interview to Bloomberg.
The New York-based bank JPMorgan opened new offices in Mumbai last month. JPMorgan has focused on building deeper, more expansive relationships with clients over the last four or five years, and that’s bearing fruit, Kulkarni told Bloomberg. The engagement with startups mirrors the bank’s efforts to have broad-based relationships with mid-sized and large corporate clients that go beyond investment banking, according to Kulkarni, the Bloomberg report said.
“We do not want to just do transaction-based engagement but want to understand how we can offer products and services which are relevant to the global market and not offer only investment-banking services," said Kulkarni, who is also the bank’s vice chair for Asia-Pacific. Business services outsourcing, manufacturing, energy transition and green energy are sectors that will potentially see flows of tens of billions of dollars in the next few years, and the bank is focused on building relationships in these areas, Kulkarni told Bloomberg. Outsourcing from the US and Europe will continue to be a growth story, driving employment in urban areas, he added.
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