Mastercard pledges $1 billion India investment, could double Indian workforce
India is the next big target for the ecommerce world. The country has everything you could want from a market: a huge, young population that’s continuing to grow; rising wages and economic development; a burgeoning capitalist marketplace that includes tech, retail, entertainment and more; and a future as one of tomorrow’s superpowers. Many major names in the corporate world want to get in now, when India is still at the start of its journey. Mastercard, which has some history in the country already, is no exception. And now, with $1 billion in hand, it’s putting its money where its mouth is.
Year to date, Mastercard’s share price has appreciated by 35%
Source: Yahoo Finance
Mastercard is constantly considering opportunities to invest in fintech start-ups in India through its India Investment Fund (IIF). The company, having recently made an investment in Syntizen, a start-up from Hyderabad that works with a Telangana government agency to provide authentication services, says more could be on the cards. Rajeev Kumar, the company’s senior-vice president for market development in south Asia, wouldn’t share any more details… but since the company’s planning to invest $1 billion in the country between now and 2025, chances are good we’ll hear more soon!
Speaking to reporters in Hyderabad, Kumar said: “We are considering more. Who knows there could be time when we [Mastercard] may have operations here also. We haven’t decided [as yet], no plan at this time in point.” He added that Mastercard’s headcount in India had expanded from 29 in 2014 to 2,000 today – and, based on the size of investment Mastercard is making, it would not be unlikely for that headcount to double in the near future. This, however, is not unique to India. He noted that the company’s operations in the country were part of a global expansion, saying: “we may expand locations and investments in many other places.”
Dominion holds Mastercard in its Global Trends Ecommerce Fund. Share price as-at 23 May 2019.
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