JPMorgan plans to fund Indian start-ups
JPMorgan Chase & Co. is planning to finance start-ups in India, targeting companies that are pioneers in their sectors and have a large consumer orientation, according to Bloomberg. This move is part of the bank's efforts to deepen relationships with clients beyond investment banking. The bank opened new offices in Mumbai last month.
Expanding relationships beyond Investment banking
Over the last four or five years, JPMorgan has been working on building deeper, more expansive relationships with "mid-sized" and "large corporate" clients. "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," Kaustubh Kulkarni, JPMorgan's senior country officer for India told Bloomberg in an interview.
Focusing on pioneering consumer-oriented companies
JPMorgan is specifically targeting companies with a large consumer orientation in India and abroad. The bank wants to be the first to work with those companies that are pioneers in their sectors, developing new products or services. Sectors such as business services outsourcing, manufacturing, energy transition, and green energy are expected to see flows of tens of billions of dollars in the next few years, making them prime targets for JPMorgan's investments.
JP Morgan solely focused on wholesale banking
Kulkarni believes that outsourcing from the United States and Europe will continue to grow and create jobs in cities. He stated that their company is solely focused on wholesale banking and sees a lot of untapped opportunities in this field. "There is a lot to be done in the wholesale banking business, and we are just scratching the surface," he said.
