Matrix Partner has announced an investment of Rs. 20 crore in Ver Se Innovation Pvt. Ltd, Bangalore based Mobile classifieds startup.
Matrix India earlier invested in Quikr (Rs. 20 crore), Itz Cash Card (Rs. 50 crore), asklaila and FIIT JEE (Rs. 100 crore).
Ver se Innovation was incubated and seed funded by OnMobile and the startup also have an international distribution partnership with OnMobile Global. With the completion of this financing, Arvind Rao, Chairman and CEO of OnMobile Global Limited and Rishi Navani, co-founder & Managing Director of Matrix India, will join the board of Ver se Innovation Private Limited.
Did you notice the new funding trend? The buzzword is M, i.e. Mobile. Are we witnessing a herd mentality here?
Do share your opinion on validation of several hypothesis surrounding Indian mobile users (now that telco ARPUs are coming down drastically) – will VAS service like these help them (i.e. telcos) gain share of your wallet?
Herd mentality? Call it “Indian Mentality” …
Na. Don’t think that it is herd mentality. I am sure they have invested only after looking at some existing revenues and a greater revenue potential. 20 crore still looks a bit to much for such service. Would be good to know some numbers about the cash performance of such mobile services. Till now only saw a lot of PR around them, not seen any revenue figures.