Saudi Aramco's VC Arm Building India Team To Back Early-Stage Startups
India, April 23 -- Saudi Aramco's venture capital arm is building a team in India and is looking to invest in early-stage startups in the country, a move that will help it capitalise on the Indian startup ecosystem and strengthen the fund's global presence.
As per Mint's report, citing sources familiar with the development, Prosperity7 Ventures, a subsidiary of Aramco, is also in discussions to rope in a leader for its India operations.
Inc42 has reached out to Aramco for comments. The story will be updated based on the response.
The firm is planning to invest about $200-300 Mn in more than two dozen early-stage startups in India, the report added.
So far, Prosperity7 Ventures has infused capital into companies operating in the US, th...
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