Yahoo Inc and venture capital firm Canaan Partners will jointly invest $8.65 million (nearly Rs 40 crore) in Bharat Matrimony group, which runs India's popular matrimony website by the same name. | |
| Canaan, which opened its Indian office in June, would be the lead investor in the 'A' round financing, which also includes Yahoo, a statement from Bharat Matrimony said today. |
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| "India is one of the key markets for Canaan Partners and we are looking at creating lasting partnerships in the technology space," Canaan's (India) executive director Allok Mittal said. |
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| The company is very well positioned to continue to grow rapidly and maintain its leadership in the Indian Internet landscape while continuing to be a highly valuable company from a social standpoint, he said. |
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| "India has a huge population of 1.1 billion, and the market is ripe for investment opportunities in technology and technology enabled services," Canaan General partner Deepak Kamra said. |
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| The investment underscores Canaan's ongoing commitment to early-stage Internet-related deals in India, he said. |
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| Bharat Matrimony, which operates a match-making portal, has a subscriber base of 7.5 million. |
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