**OT** VC this week
Chrysalis invests in baaZee.com
Mumbai-based $65-million VC fund Chrysalis Capital has committed over Rs 10 crore to baaZee.com, an e-commerce site that is to be launched shortly. The company baaZee.com was founded late last year by two Harvard Business School graduates -- Avnish Bajaj and Suvir Sujan. The company plans to set up offices in 15 major cities across the country in the next three to four months. The exact business model will be announced at the time of the site launch.
Avnish Bajaj, Chairman and CEO of baaZee.com, said, "BaaZee.com will be an efficient, secure and fun place to transact online, and we are committed to delivering a special experience for all users. We are aggressively building our team prior to the launch." The company is in discussions with portals and other e-commerce sites for potential strategic alliances, and is also targeting businesses that wish to sell their products online. It has partnered with several vendors to offer their products through baaZee.com.
Telcom Ventures to invest in India
US-based venture capital company Telcom Ventures is keen to invest up to $100 million in about half a dozen Internet start-ups in India. According to Telcom Ventures President Rahul Prakash, this will be the first-ever Indian investment of the company, one of the largest in the world with an investment portfolio of $2.5 billion. The company is already in touch with certain firms and the investments will be made primarily in the companies providing solutions for Web-based education and training, and connectivity technologies. Initially, the company plans to invest $25-30 million, and ramp it up as opportunities arise.
Aumsoft to sell stake to VCs
Aumsoft Software, which is promoting Zmandi.com, an online B2C portal, is planning to sell 20 to 30 percent equity stake to a couple of VCs in India and abroad. The company is also planning to inject about $3 million to expand its operations worldwide. The company, headquartered in US, is planning to do a brand-building exercise in the Indian marketplace. However, AumSoft has not earmarked any funds for the purpose, since the private placement of equity shares with VCs is yet to materialize. "VCs have been favorable to our business plan. We cannot divulge the names of the VCFs at this point of time, since it is confidential," AumSoft Software Country Manager Mehul Balsara said.
-Express computer
Monday, 21 February 2000
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