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Nexus India Capital Buys eVentures’ Stake In Contests2Win, Games2Win, Connecturf And Netmagic

Nexus India Capital, a Mumbai based VC firm has bought the remaining investee portfolio of eVentures India, a VC firm which shut down operations in 2003, reports Mint. The companies: Connecturf India, Contests2Win, Games2Win and Netmagic Solutions. This is the first instance of a VC fund buying the complete portfolio of another VC Firm. Sandeep Singhal of Nexus India Capital says that Nexus has bought the stake at the same amount originally invested by eVentures. Singhal was also the co-founder and Managing Director of eVentures, which was promoted by News Corp and Japan’s Softbank Corp. eVentures had investments of $43 million in 14 companies; six of those shut down. eVentures’ stake in Games2Win ($5 Million from Clearstone) and Mobile2Win are due to their investment in parent company Contests2Win. Apparently, the transfer is “with the consent of the companies, which preferred to have an active investor to a capped one”. Maybe an active investor will get Connecturf moving; they’ve had a rather heavy top management churn over the past year or so; last we heard, they had launched another agency with Dentsu.

One Response to “Nexus India Capital Buys eVentures’ Stake In Contests2Win, Games2Win, Connecturf And Netmagic”

  1. venturetech

    no wonder we will be witnessing more eventure kind of situations in India and USA as more and more inexperienced and corrupt venture partners hook up wrong deals for all the wrong reasons.