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| NEA-IndoUS Ventures launches India Fund |
Bangalore, January 22, 2007:
NEA-IndoUS Ventures, a venture capital firm co-founded by Vinod K. Dham and Vani Kola today announced the opening of their Bangalore office.
While addressing the press, Mr. Vinod Dham, Executive Managing Director, NEA-IndoUS Ventures, said," India's booming economy and burgeoning middle class has enabled an opportunity for establishing domestic start ups for local and global consumption of goods and services", this office opening highlights the importance of the growing Indian market and NEA-IndoUS Ventures' commitment to it.
"We are indeed privileged to have the opportunity to bring our experience and expertise to actively support the development of future Indian enterprises. We are looking to invest in early and mid-stage innovative Indian companies that will serve Indian and the global markets," he added.
We are especially delighted to announce that Dr. Kumar Shiralagi - who till recently was heading Intel's investments in technology and services in India - has joined us as our third Managing Director, to complete our investment team on ground here. NEA-IndoUS Ventures plans to invest in consumer led growth areas relating to technology and IT enabled services as well as global KPO/BPO opportunities. We are pleased to announce NEA-IndoUS Ventures' investments in Obopay, a mobile payments company and Minekey, a personalized search engine company.
We are honoured to have NEA-a world class Venture fund, with over 30 years of experience and multi billion dollars under management, as a partner to build a world class Venture Capital firm in India.
About NEA-IndoUS Ventures
NEA-IndoUS Ventures is a venture capital firm based out of India and the US, co-founded by Vinod K. Dham and Vani Kola. NEA-IndoUS Ventures invests in businesses that leverage India's accelerated, long-term growth prospects and capital efficiencies.
About NEA
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for 28 years, NEA focuses on investments at all stages of a company's development, from seed-stage through IPO. With approximately $8.5 billion in committed capital, NEA's experienced management team has invested in over 550 companies, of which more than 150 have gone public and more than 220 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. For additional information, visit www.nea.com
About Obopay
Going mobile with money. This simple, yet powerful idea behind Obopay lets you receive, send and spend money right from the convenience of your mobile phone. The company offers the most comprehensive mobile payment service in the United States. Obopay has relationships with banks, payment cards, carriers and handset makers firmly in place. With over 200 million cell phone users in the U.S. and more than 24 million MasterCard acceptance locations worldwide including merchants and ATMs, a lot of people and places are going to be using Obopay. For additional information, visit www.obopay.com
About Minekey
Minekey is an exciting Silicon Valley start up being incubated in partnership with IIT Kharagpur. Over the past year, the founder of Minekey has been working closely with some of the distinguished faculty and research team at IIT to productize and to bring to market some exciting innovations in the Search and Personalization Space. Minekey is currently conducting trials with some leading publishers in the US.
Commitment to India
India offers substantial long-term growth potential and cost benefits in today's global marketplace. Its thriving economy and growing consumer class make it the next hub of venture investment. By being located in India, NEA-IndoUS Ventures has the insight and advantage to invest in opportunities with unique differentiation. The firm is dedicated to create innovative companies out of India that serve both the Indian and the global markets.
Commitment to Entrepreneurship and Building companies
The firm is committed to early-stage investment and nurturing entrepreneurs to build significant businesses. The partners have the experience, expertise and commitment to actively support the development and scaling of young, promising companies.
The firm's partners have extensive networks and individual brand equity that extend to both India and the United States. This network of relationships and experience is an invaluable asset to entrepreneurs and portfolio companies. In addition, a significant partner in this fund is New Enterprise Associates (NEA) who is a sponsor and active advisor.
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