Top Story

e4m_logo.png

Home >> Digital >> Article

Canaan Partners to invest $5.25 million in Cellcast Asia

22-August-2007
Font Size   16
Canaan Partners to invest $5.25 million in Cellcast Asia

Canaan Partners have announced an investment of $5.25 million in Cellcast Asia Holdings, a subsidiary of UK-based Cellcast Plc, for developing, producing and distributing participative digital content in the whole of Asia, excluding China. Cellcast Asia Holdings, an Asian digital media house, has been created by Cellcast Plc by injecting 100 per cent holding in Cellcast Interactive India Pvt Ltd and 50 per cent holding in Cellcast SEA Ltd.

Alok Mittal, Managing Director, Canaan India, and Maha Ibrahim, General Partner, Canaan Partners USA, have been appointed to the board of directors of the newly established Cellcast Asia Holdings (CAH).

CAH will reportedly have a mandate to develop, produce and distribute participative digital content in the whole of Asia, excluding China. “CAH will be using this investment to enhance the use of interactive and 3G content, by leveraging TV as a contextual programme in a fragmented consumer environment transformed by new media technologies,” an official note stated.

Mittal, said, "With mobile phones becoming a general-purpose, interaction device for nearly two billion consumers worldwide, demand for and use of interactive digital entertainment is on the rise. Cellcast has unlimited potential for growth and we are thrilled to help drive the company’s expansion. With a direct presence in India, Canaan is rapidly expanding its early-stage investments in the region and we are thrilled Cellcast is joining our portfolio as our first mobile entertainment investment in India.”

Pankaj Thakar, CEO, CAH, said, “There is an evolving use of mobile phones to provide a personal entertainment experience. We at Cellcast strive to match the needs of broadcasters and end consumers by producing live interactive pay-to-play programming, aggregating and distributing an extensive portfolio of mobile and participative TV applications.”

“This partnership with Canaan Partners will enable us to accelerate growth through investment in new formats, applications and the expansion of our management team to support our regional initiatives. With this venture we will share a common vision of bringing to the Indian and Asian markets next generation applications and formats, reaching millions of customers in the fastest growing mobile market in the world.”

Canaan’s recent investments in India include BharatMatrimony; iYogi, an outsourcing start-up; and techTribe, a career networking portal based on the referral model.

Tags

Vijay Mansukhani, speaks to exchange4media about the resurgence of Onida, the scope of growth of consumer electronics market in India and the reasons why Indian consumer electronics brands don’t compete on a global scale

Projjol Banerjea opens up about hiring Anne Macdonald and GroupM's Rob Norman, and the brand's new identity

Meera Iyer tells exchange4media that in FY 2016/17, bigbasket clocked a revenue of Rs 1,400 crore. The online supermarket currently stands at 70,000 orders a day, with operations in 25 cities.

CMO, Kashyap Vadapalli on the start-up’s marketing play, why it has decided to stay away from IPL and response to its furniture rental apps

In terms of affiliates, India ranks on the top. Spurred by the fast growth of mobile users and hence internet users, there are millions of websites, apps, WAP-sites and blogs using affiliate marketing...

Insecurity in the workplace due to the idea of AI encroaching on your job, or being sidelined at work because of your small town background? Sandeep Goyal has the right answers to help you deal with w...

As National Sales Head at News18.com, Ashish aims to bring on board a maximum number of advertising partners and consolidate the network’s position as a leader in the space.