Global capital firm invests into Asian multi-tainment market

Mumbai, Aug 21 (UNI) Riding on the burgeoning electronic and mobile markets, Gurgaon-based global capital venture firm Canaan Partners has invested 5.25 million US Dollars in Cellcast Asia Holdings (CAH), a newly-formed subsidiary of UK-based Cellcast Plc, a multi- platform digital entertainment broadcaster here today.

The investment will be utilised to exploit the interactive capabilities of the mobile phone, the internet and traditional media like the press, using television as a leverage for a host of 'pay and participate' content in Asia, including China.

Cellcast has a strong market base in the Southeast Asian television market, with almost 100 per cent penetration in 13 countries. In India, it launched the award winning interactive show ''Bid2 Win'' in 2006, which earned USD 5 million in revenues in the last 16 months.

''The investment by Canaan Partners is a strong endorsement of Cellcast's market - leading proprietary technology and applications,'' said Andrew Wilson, CEO of Cellcast.

Studies estimate that the global mobile entertainment market may reach USD 5-7 billion by the year end. The mobile market of Asia includes China and India, who are ranked second and third respectively in the world in terms of users after the US.

UNI