Matrix Partners India establishes seed stage investing program
Mumbai, India – July 9, 2012: Matrix Partners India today announced a new program to support entrepreneurs at the seed stage in the Internet and Mobile sectors. The primary objective of the initiative will be 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. The firm also announced two new early stage investments in Twist Mobile and a stealth mode Internet company in social commerce, details for which shall be shared at a later date. Twist Mobile, an Indore based Mobile apps and games development company was founded by Virat Khutal, an experienced game designer. The company has achieved more than 70 million downloads across 28 games and apps to date.
“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 endeavor of the entrepreneur we have backed”, said Avnish Bajaj Managing Director, Matrix India.
“The newly established Mobile and Internet seed stage investing program 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”
About Matrix Partners India:
Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market with an initial investment size upto 75 crores. The firm has invested in several market leading companies including 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), Ver se Innovation (mobile classifieds) and W Women's Wear (women's apparel) among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in
For more information, please contact:
Rustom Batlivala, Matrix India (Rustom@matrixpartners.com, +91 22 67680000)
+91 22 6768 0000