India’s Finvasia Group joins UAE NextGen FDI program

Finvasia Group joins NextGen FDI, sets up UAE HQ: India-based engineering and tech conglomerate Finvasia Group joined the UAE’s NextGenFDI program, UAE state news agency Wam reports. As part of the move, ZuluTrade, its FX social trading firm, will set up its GCC headquarters in the UAE for five of its brands. Finvasia operates across sectors including fintech, blockchain, and healthcare. Its portfolio brands include blockchain and asset infrastructure firm Blockmaze, payments and digital asset company CapitalWallet, financial infrastructure player OneVault, and Jumpp — an AI-driven fintech app.

Other recent additions to NextGen FDI — launched in 2022 to attract global tech players to the UAE — include Chinese smart truck firm Trunk, Singapore-based engineering solutions player Quest Global, and global risk and supply chain intelligence company Exiger.

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INVESTMENT-

Carlyle is launching a dedicated India fund: US-based private equity firm Carlyle Group is setting up a new India-focused side fund to invest alongside its sixth pan-Asia vehicle, according to an International Finance Corporation (IFC) disclosure. The fund is looking to raise some USD 300 mn, with the IFC pledging an investment of up to USD 60 mn. The fund will target a broad range of sectors including financial services, advanced manufacturing, the consumer market, media, retail, technology, and healthcare.