Shaadi.com announces $8 million venture capital investment by WestBridge Capital Partners

Shaadi.com announces $8 million venture capital investment by WestBridge Capital Partners

Author | exchange4media Mumbai Bureau | Friday, Mar 10,2006 8:10 AM

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Shaadi.com announces $8 million venture capital investment by WestBridge Capital Partners

Shaadi.com has secured an investment of $8 million from India’s largest and most active venture capital fund, WestBridge Capital Partners. Sandeep Singhal, Managing Director, and Sumir Chadha, Senior Managing Director, at WestBridge will join the board of the company as a part of this deal.

Anupam Mittal, Chairman and Managing Director, People Group, said, “Once again we have chosen to go with WestBridge Capital Partners as the lead investor not just for the financial investment that they bring, but also because of their ability to understand and act in local conditions. They are a great partner to have and I am confident that together we will build one of India’s leading Internet companies. With this round we have raised a total of $18 million between our two flagship brands – Mauj (People Infocom Pvt Ltd) and Shaadi.com (People Interactive Pvt Ltd). Raising capital for two group companies simultaneously is a huge undertaking and is a testament to the quality of organisation our team has been able to build. The capital will be used to further expand our businesses through acquisitions and organic growth.”

On the occasion, Sandeep Singhal, Managing Director, WestBridge Capital Partners, said, “Anupam and his management team have built the company into India’s leading Internet company. We believe that this company will generate enormous shareholder wealth over the coming years while continuing to be a highly valuable company from a social standpoint. The company services truly changes the lives of millions of Indians and NRIs around the world.”

Sumir Chadha, Senior Managing Director, WestBridge Capital Partners, said, “We are very excited to be the lead investor in Shaadi.com and other businesses under the umbrella of People Group. We have been very impressed with the rapid growth, high margins and capital efficiency of the businesses. The company is very well positioned to continue to grow rapidly and maintain its leadership in the Indian Internet landscape.”

Just last week, People Group had announced a $10 million investment deal in its group company, People Infocom (Mauj Telecom) with a consortium of investors – WestBridge Capital Partners, Intel Capital, and Sequoia Capital. This is People Group’s second venture capital deal in two weeks and brings the total amount raised to $18 million.

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