Resona deepens Tata Capital partnership for India growth
Japan’s Resona Bank has expanded its ties with Tata Capital through a business cooperation agreement aimed at helping Japanese companies secure financing, identify partners and pursue investment opportunities across India.
The non-exclusive memorandum of understanding announced on Monday builds on Resona Bank’s $20 million commitment as a limited partner in Tata Capital Growth Fund III LP. The vehicle invests in Tata Capital Growth Fund III, an India-focused growth equity fund managed by Tata Capital.
The partnership gives Resona’s corporate clients access to Tata Capital’s extensive domestic network and financial-services expertise as Japanese companies increase their exposure to manufacturing, sales, procurement and research and development operations across the country.
Tata Capital and Resona Bank will explore business matching, introductions and financing opportunities generated through their respective networks. The arrangement is designed particularly for companies assessing market entry, capacity expansion or broader commercial partnerships.
Resona’s investment strengthens the Japanese institutional presence in Tata Capital’s growth-equity franchise, which has maintained relationships with investors from Japan over successive funds. Tata Capital has previously established alliances with Japanese financial groups in areas ranging from private equity and investment banking to structured finance, leasing and cross-border transactions.
Rajiv Sabharwal, managing director and chief executive of Tata Capital, said the partnership combines Tata Capital’s understanding of the domestic market with Resona Bank’s relationships among Japanese businesses. He said Tata Capital Growth Fund III would support companies seeking to participate in the country’s expanding economy.
Mamoru Saito, executive officer at Resona Bank, described India as an increasingly important market for Japanese companies, particularly for manufacturing, sales, procurement and research and development. The agreement reflects a broader shift among Japanese financial institutions towards building local partnerships capable of supporting customers beyond traditional trade finance.
Tata Capital Growth Fund III is targeting about $250 million and is structured as a Category II alternative investment fund. It received its registration in September 2024. Its investment strategy focuses on growth-stage businesses operating across areas linked to urbanisation, strategic services and manufacturing, while also examining opportunities in healthcare, financial services, consumer businesses and technology.
The Asian Development Bank approved an investment of up to $25 million in the fund in June, underscoring growing institutional interest in mid-market companies. The fund is expected to target profitable small and medium-sized businesses capable of using additional equity capital to expand operations, create jobs and strengthen their market positions.
The Resona commitment therefore carries significance beyond its $20 million size. The Japanese bank can combine financial exposure to growing companies with commercial access for its corporate customers, potentially creating opportunities for investments, supplier relationships, technology partnerships and acquisitions.
Japanese companies have maintained a substantial presence across sectors such as automobiles, auto components, electronics, industrial machinery, chemicals and financial services. Businesses are also evaluating the country as an alternative manufacturing and sourcing base as companies diversify supply chains and seek exposure to faster-growing consumer markets.
Financial institutions have responded by broadening their role from lending towards advisory services, private equity connections, acquisition financing and local-market introductions. Resona already operates an Asian network encompassing representative offices and banking partnerships across several major economies, allowing it to support customers pursuing cross-border expansion.
The bank has relationships with multiple lenders operating in India, including Axis Bank, YES Bank and State Bank of India, as part of its overseas network. Its collaboration with Tata Capital adds access to a diversified non-bank finance platform with lending, wealth distribution, commercial finance and private-equity capabilities.
Tata Capital, the Tata group’s flagship financial-services company, has expanded rapidly across consumer and corporate credit. Its consolidated loan book stood above ₹2.2 trillion in the 2024-25 financial year, while profit after tax exceeded ₹36 billion. The company listed on domestic stock exchanges in October 2025.
Its growth-fund platform provides another channel for connecting international capital with privately held businesses. Unlike conventional lending, growth-equity investment allows companies to obtain longer-term capital without immediately increasing debt, an increasingly important option for businesses undertaking expansion, acquisitions or technological upgrades.
The non-exclusive memorandum of understanding announced on Monday builds on Resona Bank’s $20 million commitment as a limited partner in Tata Capital Growth Fund III LP. The vehicle invests in Tata Capital Growth Fund III, an India-focused growth equity fund managed by Tata Capital.
The partnership gives Resona’s corporate clients access to Tata Capital’s extensive domestic network and financial-services expertise as Japanese companies increase their exposure to manufacturing, sales, procurement and research and development operations across the country.
Tata Capital and Resona Bank will explore business matching, introductions and financing opportunities generated through their respective networks. The arrangement is designed particularly for companies assessing market entry, capacity expansion or broader commercial partnerships.
Resona’s investment strengthens the Japanese institutional presence in Tata Capital’s growth-equity franchise, which has maintained relationships with investors from Japan over successive funds. Tata Capital has previously established alliances with Japanese financial groups in areas ranging from private equity and investment banking to structured finance, leasing and cross-border transactions.
Rajiv Sabharwal, managing director and chief executive of Tata Capital, said the partnership combines Tata Capital’s understanding of the domestic market with Resona Bank’s relationships among Japanese businesses. He said Tata Capital Growth Fund III would support companies seeking to participate in the country’s expanding economy.
Mamoru Saito, executive officer at Resona Bank, described India as an increasingly important market for Japanese companies, particularly for manufacturing, sales, procurement and research and development. The agreement reflects a broader shift among Japanese financial institutions towards building local partnerships capable of supporting customers beyond traditional trade finance.
Tata Capital Growth Fund III is targeting about $250 million and is structured as a Category II alternative investment fund. It received its registration in September 2024. Its investment strategy focuses on growth-stage businesses operating across areas linked to urbanisation, strategic services and manufacturing, while also examining opportunities in healthcare, financial services, consumer businesses and technology.
The Asian Development Bank approved an investment of up to $25 million in the fund in June, underscoring growing institutional interest in mid-market companies. The fund is expected to target profitable small and medium-sized businesses capable of using additional equity capital to expand operations, create jobs and strengthen their market positions.
The Resona commitment therefore carries significance beyond its $20 million size. The Japanese bank can combine financial exposure to growing companies with commercial access for its corporate customers, potentially creating opportunities for investments, supplier relationships, technology partnerships and acquisitions.
Japanese companies have maintained a substantial presence across sectors such as automobiles, auto components, electronics, industrial machinery, chemicals and financial services. Businesses are also evaluating the country as an alternative manufacturing and sourcing base as companies diversify supply chains and seek exposure to faster-growing consumer markets.
Financial institutions have responded by broadening their role from lending towards advisory services, private equity connections, acquisition financing and local-market introductions. Resona already operates an Asian network encompassing representative offices and banking partnerships across several major economies, allowing it to support customers pursuing cross-border expansion.
The bank has relationships with multiple lenders operating in India, including Axis Bank, YES Bank and State Bank of India, as part of its overseas network. Its collaboration with Tata Capital adds access to a diversified non-bank finance platform with lending, wealth distribution, commercial finance and private-equity capabilities.
Tata Capital, the Tata group’s flagship financial-services company, has expanded rapidly across consumer and corporate credit. Its consolidated loan book stood above ₹2.2 trillion in the 2024-25 financial year, while profit after tax exceeded ₹36 billion. The company listed on domestic stock exchanges in October 2025.
Its growth-fund platform provides another channel for connecting international capital with privately held businesses. Unlike conventional lending, growth-equity investment allows companies to obtain longer-term capital without immediately increasing debt, an increasingly important option for businesses undertaking expansion, acquisitions or technological upgrades.