Indiagames to raise $8 million from 3i, BV Capital

By siliconindia staff writer   |   Monday, 20 September 2004, 07:00 Hrs
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MUMBAI: Vishal P.Gondal founded Indiagames, a developer of gaming software, is to raise $7-8 million ( 30 crore) from European private equity firm 3i and US venture capital company BV Capital, reports Financial Express.

Indiagames had raised its first round from Infinity Ventures and IL&FS VC in 2000.

Quoting unnamed sources, the FE report said the new investors will be buying out the entire stake held by Infinity and a partial stake of IL&FS. The latter holds about 30% stake in Indiagames and stands to make an eight fold return on its initial investment by selling half of this, the FE report said.

With offices in California and Germany, BV Capital has an investment focus on media, IT, telecommunications and mobile applications. The firm counts AOL Time Warner, Stanford University and Mayfield Fund among its investors.

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