Venture Capital firm Matrix Partners has invested Rs 20 crore in Ver se Innovation, a Bangalore-based provider of classified services on mobile phone.
Ver se Innovation, which provides mobile classified services in categories like jobs, matrimonials and real estate, was seed-funded by OnMobile Global, a mobile VAS player incubated by Infosys, India’s second largest IT services firm. Besides, OnMobile had a global distribution agreement with Ver se Innovation.
Post the funding, Aravind Rao, chairman and CEO of OnMobile, and Rishi Navani, co-founder and MD of Matrix India, will join the board of Ver se Innovation. “We are excited about the consumer mobile services opportunities in India and what Ver se has been able to accomplish in a short period of time. We look forward to partnering with Ver se team, and we highly value the partnership with OnMobile Global, said Rishi Navani, co-founder and MD of Matrix India.
Ver se intends to invest in business operations, product innovation and new business models.
“The funding will help us accelerate our growth and deliver value to our customers and partners in the ecosystem,” said Virendra Gupta, co-founder and CEO of Ver se Innovation. Ver se stands to benefit immensely from the experience of OnMobile and Matrix Partners India, he added.
Matrix Partners has about Rs 1,500 crore under management and its portfolio in India includes Four Interactive (manages local search portal Asklaila), Quikr, Tree House and Itzcash Card among others. The firm invests in companies who target the Indian domestic market, up to Rs 125 crore depending on its stage of development.
