UST cofounder seeks $1 billion in funding for technology investment
- ByStartupStory | July 16, 2022
UST the investment business run by the Indian cofounder of the technology services giant is aiming to fund around $1 billion, to invest in startups and private equity possibilities in the third-largest economy in Asia and elsewhere. Family offices and Middle Eastern state investors have shown a lot of interest in McLaren Strategic Ventures’ preliminary roadshows, 54-year-old chairman Sajan Pillai told.
The company plans to finish its funding by the end of March and will focus on supply-chain businesses that operate in the digital domain, health tech, banking and fintech, according to Pillai. With money from the sale of his part in UST, which was then known as UST Global, Pillai founded MSV in 2019. To date, MSV has spent $300 million in fields like chip design and product engineering.
In addition, MSV offers advisory services, including helping businesses get ready for initial public offerings in the US, where Pillai is based. He also serves as a general partner of Season Two Ventures, an early-stage fund that, according to him, has invested in 20 businesses both domestically and abroad.
Although it is noted on its website that the company has no affiliation with McLaren Automotive, he chose to call MSV after the racing car manufacturer and is a proud owner of McLaren. By sponsoring McLaren Technology Acquisition Corp., which raised $201 million in an IPO in November, MSV last year joined the blank-check trend.
After the initial merger with the target company closes, he is optimistic that the McLaren SPAC will finish it by the first quarter of the following year and plans to release two more of the vehicles by 2024.
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