Lightspeed Invests $22.5 Million In Mercantila, $7 Million In TutorVista

Lightspeed Venture Partners has entered India with investments in two Indian online companies. Lightspeed has invested $22.5 million in first round in Mercantila, an online collection of specialty stores, and $7 million in TutorVista, an online tutorial company that caters to students in the US.
Mercantila began operations in the U.S. in 1997 with an online rowing-machine store. Since then, it has expanded to the home goods, fitness, and wellness markets with the most popular merchandise sold on the site being massage tables. Its development centre in Bangalore has about 100 people. Mercantila currently caters to the U.S. and Canada markets, but that will be diversified.
TutorVista had received a first round of funding of $2 million from Sequoia Capital India in May 2006.
Lightspeed plans to invest about $100 million to $150 million in India in the next few years, Red Herring quotes its partner Ravi Mhatre as saying. They typically take about 20-30 per cent stake for their investments. [Via Red Herring]
Lightspeed’s partner Mhatre told The Economic Times:

loading

Comments have been disabled for this post