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Softbank, epartners to invest $150 mn more in eVentures India

eVentures India, a premier investing and operating company, on Friday announced an investment of $150 million by its global investors Softbank and epartners, reinforcing their commitment to emerging businesses in the new media and technology sectors.

eVentures India focuses on investing in and developing India-centric and India-leveraged Internet and new media-related ventures. It has an existing portfolio of 14 ventures.

The new funds will be deployed in 15-20 ventures in four areas: Internet-based software and IT-enabled services; infrastructure; new technologies in areas like wireless and broadband; and B2B-enabling services. Besides Softbank and epartners, P K Mittal, a prominent Indian industrialist, is also an investor in eVentures India.

Committed to bringing the benefits of the Internet to businesses, people and governments around the world, Softbank Corp has ownership positions in more than 400 Internet companies, including many of the world's leading e-businesses.

epartners, one of the top three venture funds in Europe with funds in excess of $1 billion focusses on new media ventures. epartners has raised its corpus with capital commitments from leading global companies including News Corporation, Softbank, Apollo Capital, Bill Hambrecht, Cox Communications, IBM, Merrill Lynch, Morgan Stanley, and Pathe.

eVentures India is an active investor and provides operating and management support to its portfolio companies throughout their business cycle development. The company has an organisational structure set up along functional lines, with a partnership group and a core operations group, that includes marketing, technology, human resources and finance functions.

Commenting on the new investment of $150 million, Neeraj Bhargava, CEO, eVentures India, said, "The addition of $150 million to our funds is an indication of our confidence in the potential of the new media and our global parents -- epartners and Softbank's support for eVentures India's perspectives."

"We strongly believe in the Indian entrepreneur and in our ability to add value to our partner companies in the form of financial and operational resources and more importantly by leveraging our global network. We now have one of the largest funds in the country, which gives us a greater opportunity to continue to do what we do best - partner and build successful businesses," he added.

eVentures India has already committed $65 million to 14 partner companies, including NetAcross Online Solutions, Netpilgrim, Customerasset.com, Turbograd, Netmagic Solutions, Xchange21, 3Genesis, Intigma, Mediaturf, Junction96, Chaitime, Contests2win, Clubgreetings and Makemytrip.

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