Cannan Partners opens investment office in India

New Delhi, June 6 (UNI) Silicon valley venture capital firm, Canaan Partners, today announced the opening of its first investment office in the country at Gurgaon.

''Canaan will initially focus on internet and wireless investments. With an office in place, Canaan will focus on early and mid-stage investments, which offer greater growth potential,'' an official statement released here said.

Canaan has already reviewed about 40 business plans, about half of which are getting additional scrutiny, it added.

''We believe the time is ripe for entrepreneurship to flourish.

We are ready to provide first rounds of institutional capital and are already receiving many interesting business proposals,'' Cannan India Executive Director Alok Mittal said.

Mr Deepak Kamra, General Partner at Canaan Partners, said, ''We see a huge potential in the Indian market and we are hopeful that the new office could eventually rival the size of the firm's Menlo Park office.'' Canaan Partners already has an Indian investment track record.

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