Google bets on start-ups in India

[qi:046] The truth about Indian start-up scene is that there is more money than actual start-ups. We have talked about it before, and we will say it again. Venture Capitalists – both local and US-based are showering money on start-ups, some of them quite marginal.

Google is adding to the money-shower by becoming an institutional member of the Band of Angels (BOA), a group based out of New Delhi.

It doesn’t mean that there is going to be an investment – since BOA is not a fund – but it opens up the potential of an investment for start-ups that catch BOA’s fancy. This is not the first time Google has taken an institutional approach. It had previously invested $3.75 million in Ventureast TeNet Fund. It has also taken a limited partner (LP) role in Erasmic and SeedFund. In a related announcement, Cannan Partners of Menlo Park announced first round investment of $5 million in techTribe, India’s Career Networking portal. Cannan’s New Delhi man, Alok Mittal is also a founder of the Band of Angels.