E-Ventures, the joint venture between Australian media mogul Rupert Murdoch's e-partners, Ispat group vice-chairman P K Mittal and the Japanese Net major Softbank, has decided to invest around $150 million in Internet related projects across the country by 2001.
Disclosing this, E-Ventures' chief of operations, Rajesh Jog, said the venture capitalist has already invested around $45 million in 10 dotcom projects in the country. E-Ventures promoters hold equal equity stakes of 33 per cent.
The Net start-ups where E-Ventures has already invested encompass B2C and infrastructure areas. The company is also considering investments in B2B and technology companies.
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In addition to acquiring stakes in different dotcoms, E-Ventures has set up 100 per cent subsidiaries such as Netpilgrim.com, engaged in e-recruiting and freelancing.
Rajesh Jog said Netpilgrim was a technology professional community site focusing on freelancing, and this was expected to revolutionise the Indian technology industry. The venture was set up in alliance with Future Step, promoted by the Wall Street Journal and human resource consultants Korn Ferry & Associates.
In Contests2win, a branded contests and gaming site, E-Ventures has picked up 20 per cent stake with the remaining equity being held by ICICI and other promoters. The company has around 200 brand relationships through 130 clients, Jog said.
Other projects where E-Ventures have picked up at least 25 per cent equity include Chaitime.com targeted at south Asian youths abroad.
E-Ventures has also acquired 27 per cent equity in NetAcross (for $6 million), a company engaged in web consulting. It holds around 26 per cent equity in Club Greetings. It has also picked up 15 per cent stake in Net Margins headed by the former Exodus Communications promoter B V Jagdish.
The company has also acquired majority control of 51 per cent in Mediaturf, promoted by Chrysalis Capital and V Ramani of Ernst & Young.
It has also acquired 30 per cent stake in Eazee.net, a firm engaged in setting up Internet access across the country. Eazee.net is setting up 400 Internet access centres and will be involved in customer relationship management, call centres, e-mail desk, web chats and warehousing.