Venture capital firm Matrix Partners India has launched a seed stage investing programme aimed at companies in need of seed stage funding in the Internet and mobile sectors.
The aim is to partner with exceptional entrepreneurs in the Internet and mobile sectors at a very early stage and support their growth across multiple stages of their business.
"That the Internet is a large opportunity in India is well known and talked about "the firm's focus is to back select high quality entrepreneurs at an early stage, who are focused on bringing innovation to the Indian Internet consumer with a world class and clutter breaking user experience. This is the endeavour of the entrepreneur we have backed," said Avnish Bajaj, managing director, Matrix India.
"The newly established mobile and Internet seed stage investing programme demonstrates our commitment to early stage investing in India. The Indian mobile opportunity with almost a billion mobile subscribers is a key focus area for new investments. The recent investment in Twist Mobile, a promising Mobile games startup company is the firm's fourth investment in the Mobile sector, " said Rishi Navani, Managing Director, Matrix India"
Matrix said it is also planning to invest in a stealth mode Internet company in social commerce, without disclosing details. Matrix Partners recently invested in Indore-based, mobile application development firm Twist Mobile.
Matrix Partners India is an investment firm with Rs 3,000 crore ($536 million) under management. It targets companies operating in the fields of internet, mobile, education, financial services, healthcare, consumer (largely retail and FMCG) and other emerging areas. The firm invests upto Rs 75 crore ($14 million) in a company based on its stage of development.
The investment portfolio of the companies includes Center for Sight (eye care chain), Muthoot Finance (gold loan NBFC), Quikr (online classifieds), Tree House Education (preschools and K-12 school management), U2opia (social mobile apps), Verse Innovation (mobile classifieds) and W Women's Wear (women's apparel) among others.
(Edited by Prem Udayabhanu)