| Canaan Partners invests in Delhi start-up |
| BS Reporter / Mumbai April 05, 2007 |
| Having been quiet from almost nine months since its joint investment in BharatMatrimony.com ($8.65 million along with Yahoo!), Canaan Partners has now invested around $2-5 million deal in a Delhi start-up that provides remote desktop services for US and UK customers. While he did not divulge details, Deepak Kamra, general partner, Canaan, said: "We are closely looking at start-ups in the Internet and product development space. Even if the models are cloned from the West, we insist on a high level of localisation." He, however, added that Web 2.0 companies are not on his "priority list". "Yes, there's a frenzy in the US over these models such as YouTube clones, etc. However, we are excited only about transaction-based models." Since Canaan Partners is an early stage venture investor, it invests $2-5 million in the first phase and around $15 million in the next stage. All the companies identified are technology-based - a trend the investor would be following even as it looks at start-ups in the services and telecom space. The company, which came to India by establishing an office at Gurgaon in 2006, is consolidating its presence in the Indian market by planning to set up two more offices this year. |
