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MIXI, a Japanese mobile entertainment company, has launched its first corporate venture capital (CVC) fund of $50 million in India to support early-stage startups in the entertainment industry in the country.

The company plans to use 30-50 billion yen ($200-350 million) for mergers and acquisitions and capital and business partnerships between FY23 and FY25. It aims to create global businesses and strengthen global synergies by focusing investments on overseas markets, including emerging markets.

The plan includes investing in the fast-growing Indian market, leveraging the company’s business-to-consumer (B2C) digital services assets and expertise, and creating synergies with portfolio businesses.

“We believe in India’s startup ecosystem, especially in the sector of digital entertainment. MIXI is a business operator in social networks and mobile entertainment apps. We are committed to contributing to startups’ growth with our industry knowledge and assets, and positively impacting the startup ecosystem in India,“ said Tomoharu Urabe, Principal Partner, MIXI Global Investments, Inc.

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The company stated that it will continue to promote overseas investment, while at the same time, being mindful of the need for global business growth and the creation of global synergies.

Founded in 1997, MIXI is a mobile entertainment company. It has invested a total of approximately 70 billion ($500 million) yen with the aim of developing new business pillars and creating synergies with existing businesses, between FY 2019 and FY 2022.