NRI picks up stake in AutoIndia.com

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New Delhi, Jan 20 (UNI) Autoindia.com, a leading automotive portal, today announced that a US-based Non-resident Indian has offered to invest in the portal.

The investor, Mr Babu Sivadasan, also joins the Board of Directors of Autoindia.com .

Mr Sivadasan who was the founding Chief Technology Officer for few startup companies including stamps.com (Nasdaq:STMP) is currently serving as the EVP of Engineering, responsible for firm-wide engineering activities at Envestnet Asset Management, the leading independent wealth management platform provider for the financial advisory marketplace.

"The proceeds from this round will be used to augment the company's leadership position and further its commitment of excellence in service to both its consumers as well as its partners," Company's CEO Chandramouli said here today.

He further added that this fresh infusion of capital adds to the investments that have already been made by Silicon Valley entrepreneurs and ensures that the company can execute on its long term plan.

Mr Mouli said the investment validated the company's business model and strategy.

Mr Sivadasan has extensive experience in global software delivery models and coordinating engineering activities across geographically distributed groups. He has delivered technology solutions to leading financial services organisations like AIG, ING, Northwestern Mutual, Russell, S&P, Discover etc.

UNI SH PDT RS1443

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