India and the United Arab Emirates have pooled their Resources to create a $150 million fund to support startups.
Highlights:
Within the next ten years, the fund will assist in creating ten unicorns. Unicorns are companies with a market capitalization of more than one billion dollars.
The fund was announced at the Dubai EXPO 2020. The fund will act as a Catalyst for the startups’ development.
It will be highly beneficial to startups in their early stages of development.
In both countries, the fund will support at least fifty startups. The fund’s Indian representative is NASSCOM.
A Memorandum of Understanding was signed between India and the United Arab Emirates to raise the fund.