Google into Indian VC

By SiliconIndia   |   Wednesday, 24 January 2007, 06:00 Hrs
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Bangalore: Google,the most popular search engine in the world has forayed into the Indian VC market. There are reports that the company has invested in a recently launched Seedfund, which focuses on seed-stage funding in the country.

Sources say that the company is contributing an undisclosed amount to Seedfund, which is about $1.5 million (6.6 crore). This is Google?s first venture into a VC firm. Both Google and Seedfund declined to confirm the investment. According to Samir Sood, man who looks into investments said that as a matter of policy the Google team is not in a position to reveal any details on deals in the M&A space.

The funds chosen by Google to invest into seed-stage funding were disclosed in November last year and have backing from major VC firms like Motorola Ventures, Reliance Capital and Sillicon valley Bank. Individuals who have invested in the funds include successful Silicon Valley entrepreneurs Kanwal Rekhi, Ravi Chandrashekhar, B.V. Jagadeesh and Sridar Iyengar.

Google commenced its operations in India in 2004 and is located in Bangalore, Hyderabad, Delhi and Mumbai. Google Bangalore is the first R&D center outside US and Google Hyderabad is its second office in India.

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