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Matrix Partners spends 
20 Crore in city based mobile firm
By siliconindia
Bangalore: Matrix Partners, a venture capital firm has invested 
20 crore in Ver se Innovation, a Bangalore-based provider of classified services on mobile phone.
Ver se Innovation is a provider of mobile classified services in categories like jobs, matrimonial and real estate. It was seed-funded by OnMobile Global, a mobile VAS (Value-added Services) player incubated by Infosys.
After the funding, Aravind Rao, Chairman and CEO, OnMobile and Rishi Navani, Co-founder and Managing Director, Matrix India, will join the board of Ver se Innovation. "We are excited about the consumer mobile services opportunities in India and what Ver se has been able to accomplish in a short period of time. We look forward to partnering with Ver se team, and we highly value the partnership with OnMobile Global," said Navani.
Ver se is also planning to invest in business operations, product innovation and new business models. "The funding will help us to accelerate our growth and deliver value to our customers and partners in the ecosystem. Ver se stands to benefit immensely from the experience of OnMobile and Matrix Partners India," said Virendra Gupta, Co-founder and CEO of Ver se Innovation.
Matrix Partners has about 1,500 crore under management and its portfolio in India includes Four Interactive (manages local search portal Asklaila), Quikr, Tree House and Itzcash Card. The firm invests in companies who target the Indian domestic market, up to 125 crore depending on its stage of development.
20 crore in Ver se Innovation, a Bangalore-based provider of classified services on mobile phone.
Ver se Innovation is a provider of mobile classified services in categories like jobs, matrimonial and real estate. It was seed-funded by OnMobile Global, a mobile VAS (Value-added Services) player incubated by Infosys.
After the funding, Aravind Rao, Chairman and CEO, OnMobile and Rishi Navani, Co-founder and Managing Director, Matrix India, will join the board of Ver se Innovation. "We are excited about the consumer mobile services opportunities in India and what Ver se has been able to accomplish in a short period of time. We look forward to partnering with Ver se team, and we highly value the partnership with OnMobile Global," said Navani.
Ver se is also planning to invest in business operations, product innovation and new business models. "The funding will help us to accelerate our growth and deliver value to our customers and partners in the ecosystem. Ver se stands to benefit immensely from the experience of OnMobile and Matrix Partners India," said Virendra Gupta, Co-founder and CEO of Ver se Innovation.
Matrix Partners has about 1,500 crore under management and its portfolio in India includes Four Interactive (manages local search portal Asklaila), Quikr, Tree House and Itzcash Card. The firm invests in companies who target the Indian domestic market, up to 125 crore depending on its stage of development.