Times News Network Dec 19, 2006
Bangalore: US-based venture capital fund Lightspeed Venture Partners has announced that it has invested a total of $29.5 million in two internet companies, primarily operating out of Bangalore — Mercantila and TutorVista.
Lightspeed has invested $22.5 million in Mercantila, which is a collection of hundreds of online speciality stores catering to the US and Canadian markets, with a captive Bangalore operation with over 100 people. The VC firm has invested $7 million in TutorVista, an online tutoring and test preparation company.
Ravi Mhatre, general partner, Lightspeed Venture Partners, said: “Internet technology companies across a spectrum of sectors, including retail and education, are in the key focus set of global VCs.
We are scouting for Indian entrepreneurial ventures which could be candidates for early and growth stage equity investments.”
The VC firm, which is betting on India as a strategic market, is also planning to set up an office in the next 12 months. Lightspeed recently raised a $475 million fund of which one third is allocated for investments outside the US.
This means the company has set aside about $158 million for the three countries it is active in — Israel, China and India — outside the US. Market sources say that the investment basket for India could be in the range of $50-100 million.
Bangalore: US-based venture capital fund Lightspeed Venture Partners has announced that it has invested a total of $29.5 million in two internet companies, primarily operating out of Bangalore — Mercantila and TutorVista.
Lightspeed has invested $22.5 million in Mercantila, which is a collection of hundreds of online speciality stores catering to the US and Canadian markets, with a captive Bangalore operation with over 100 people. The VC firm has invested $7 million in TutorVista, an online tutoring and test preparation company.
Ravi Mhatre, general partner, Lightspeed Venture Partners, said: “Internet technology companies across a spectrum of sectors, including retail and education, are in the key focus set of global VCs.
We are scouting for Indian entrepreneurial ventures which could be candidates for early and growth stage equity investments.”
The VC firm, which is betting on India as a strategic market, is also planning to set up an office in the next 12 months. Lightspeed recently raised a $475 million fund of which one third is allocated for investments outside the US.
This means the company has set aside about $158 million for the three countries it is active in — Israel, China and India — outside the US. Market sources say that the investment basket for India could be in the range of $50-100 million.
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