Germany’s investment banking firm IEG Investment Banking Group has set up its own venture arm in India to invest in Indian startups, a senior company official said.

The firm, called IEG India 12 Apostel, has made its first investment of $1.5 million in, a social commerce startup.

The funds raised in the pre-Series A round will help the company scale and expand both domestically and globally. “It will look at raising a further round and is in talks with other investors for the same, “ said Mihir Kapoor, Managing Partner, IEG India. IEG will look at investing $50 million by taking early bets in tech-focused Indian startups across sectors such as health-tech, logistics, fintech and direct-to-consumer brands, he said.

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