Saudi's PIF-owned Elm invests in Indian healthtech platform: Livemint

PIF assets have grown to about $426.6bln and it aims to expand this to $1.06trln by the end of 2025

  
Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images
RIYADH:  Elm, a company-owned by the Saudi Public Investment Fund, has invested in India-based healthtech Healthifyme’s $75 million Series C funding round, led by Khosla Ventures and LeapFrog Investment, Livemint reported.

HealthQuad and Unilever Ventures also participated in the round, along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital, taking total investment in the startup to $100 million.

The Saudi sovereign fund has established 35 strategic companies since 2018, it announced on its Twitter account, on Sunday.

PIF assets have grown to about SR1.6 trillion ($426.6 billion) and it aims to expand this to SR4 trillion by the end of 2025, Deputy Governor Yazeed Al-Hamid said earlier this month.

The sovereign wealth fund aims to boost its local investments to account for 75-80 percent of the total, he said.

The Saudi sovereign fund has established 35 strategic companies since 2018, it announced on its Twitter account, on Sunday.

The companies are working to promote private sector growth and the diversification of the Kingdom’s economy, by launching new sectors and creating 366,000 direct and indirect jobs.

The Kingdom’s sovereign fund aims to generate approximately 1.8 million direct and indirect jobs by 2025.

The fund is focused on 13 strategic sectors including service utilities, renewable energy, aviation and defense, vehicles, transport and logistics, minerals and mining, financial services, health care, communications, media and technology, food and agriculture, and others.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Wealth Management