Chennai, Feb 06: Consim Info Pvt Ltd, formerly known as BharatMatrimony Group, today announced that it has closed its second round of investment of 11.75 million US Dollar led by Mayfield Fund and participation from existing investors, Yahoo! and Canaan Partners.
Veda Corporate advisor acted as the strategic advisor for the transaction, a company release here said. The company had earlier raised an initial funding of 8.65 million USD in 2006 from Yahoo and Canaan Partners. Following this development, Nikhil Khattau would join the Board of Consim as Director and Navin Chaddha of Mayfield Fund would be an observer on the Board.
Mr Khattau, Mayfield Fund said, "we believe India is poised to see exponential growth in the online classifieds market and that Consim is clearly positioned to be the leader in its field." Greg Mrva, Vice President, Corporate Development, Yahoo! Inc., said, "Yahoo! is committed to India, and this investment reaffirms our belief in the Indian internet growth prospects, the strength of Consim in the consumer internet space and our confidence in Consim's management.
Canaan Partners India Managing Director Alok Mittal said "Consim is a leader in the online matrimony business, and we are confident that the additional investment will help it to expand its leadership and range of services. India is a key market for Canaan Partners and we continue to look at strengthening and creating lasting partnerships with entrepreneurs in the technology space in the coming years.'' Consim Info Founder and CEO Murugavel Janakiraman said "receiving investments from global players like Mayfield Fund, Yahoo!, and Canaan Partners is a recognition to our company. We plan to leverage this fund to expand our matrimony business in the international markets and to strengthen our other classifieds offerings. We believe that the global knowledge and experience of our investors will help us scale our business strategically."
The company plans to take the online matrimony business to international markets with the launch of country specific&religion based matrimony sites. This funding will help the company to set up operations in US, UK and other countries and also to promote its other verticals.
The group has over 15 million people registered with various portals of the group, including BharatMatrimony.com, Clickjobs.com, IndiaProperty.com and IndiaAutomobile.com.