Yahoo, Canaan invest USD 8.65 mn in bharatmatrimony.com

Mumbai, Aug 2 (UNI) Internet match-making and match-seeking portal Bharatmatrimony.com Private Limited today announced that international internet major Yahoo! Inc along with Canaan Partners, a leading venture capitalist, have invested US 8.65 million dollars in the portal.

Briefing reporters here today, Bharatmatrimony Group Chief Executive Officer Murugavel Janakiraman said the global knowledge, partnerships and experience of both the investors would help his company to scale businesses globally.

The infused capital would be used to further sustain the leadership position in the matrimony sector. The investment would also be used to enhance the portfolio of services, including leadership position, in other sectors, he added.

The Group plans to significantly expand its presence on ground and will also invest in the global personal space, he informed.

As part of its expansion plans, Mr Janakiraman said, the group expects to double its headcount to 700 by the end of this year.

The company also plans to increase the number of Bharatmatrimony Centres (BMC), its offline intiative from 38 to over 300 across the country by 2008, he noted.

In addition, the Group also plans to open offices in the United Kingdom and key South East Asian markets to cater to the Indian diaspora and will also open up religion/country-based matrimony portals.

Canaan Partners (India) Executive Director Alok Mittal observed that India being one of the key markets for the group, the compnay was looking ahead to create lasting partnership in areas of technology, space and generating shareholder wealth over the coming years.

Endorsing his support to the new intiative, Yahoo! India Managing Director George Zacharias said Bharatmatrimony Group's strength in matrimonial and other services complements the strong offering, which is already provided in the Indian market by Yahoo! Inc in areas of communications, search and mobile.

On completion of the investment, Yahoo! India and Bharatmatrimony will cooperate through business partnerships, he added.

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