Canaan Partners And Yahoo Invest $8.6 Million In BharatMatrimony Group

Canaan Partners has teamed up with Yahoo to invest $8.6 million in BharatMatrimony group. This is the first investment by Canaan after they set up an office in India under Alok Mittal two months ago. Canaan is the lead investor in an $8.6 million A round financing that also includes Yahoo! Inc.
“The investment underscores Canaan’s ongoing commitment to early-stage Internet-related deals in India,” said Deepak Kamra, a Canaan general partner. Canaan was the first investor in Match.com in the United States in 1995, the first and biggest dating service in the United States, Kamra noted. Match.com had revenues of $250 million in 2005. Canaan was also an early investor in Doubleclick, a pioneer in Internet banner advertising.
This is the first investment in India by Yahoo too. Yahoo top bosses were in the country a couple of months ago when they talked about making a potential acquisition in India. (Was this deal Yahoo talked about then?)
Bharat Matrimony was founded in 1997 and until now was self-funded. More than 500,000 marriages have been arranged online in that time, said Murugavel Janakiraman, the company’s founder and CEO. The company manages more than a dozen different matrimony portals catering to Indians of different languages and religions. The other sites the group owns are Clickjobs.com, Indiaproperty.com and Indiaautomobile.com.
The other top matrimony portal that got funded was Shaadi.com. WestBridge Capital Partners (now Seqouia Capital India) had put in $8 million Shaadi.com in March this year.
Exchange4media adds: George Zacharias, Managing Director, Yahoo! India and Alok Mittal, Executive Director, Canaan Partners, would be joining on the board of the BharatMatrimony group.
BharatMatrimony plans to double its headcount to 700 by the end of this year. The company also plans to increase the number of BharatMatrimony Centres, its offline initiative, from 38 to over 300 across the country by 2008. It also has plans to open offices in UK and in key South East Asian markets to cater to the Indian Diaspora and to open up religion / country based matrimony portals.

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