Monday, July 17, 2006

Technology | Reuters.co.in: Paymate

"Silicon Valley private equity firm Kleiner, Perkins, Caufield & Byers (KPCB) and its Indian partner Sherpalo Ventures have bought an undisclosed stake in Indian mobile commerce enabler Paymate, senior fund officials said.
KPCB's third investment in India suggested that the private equity business was flourishing and that bigger deals could be on the way, industry officials said on Friday.
Sherpalo and KPCB together are investing more than $5 million in the three-month-old company that had been developing for nearly three years a software product to enable transactions on mobile phones, but is yet to launch it.
'The investment is upwards of $5 million,' said Sandeep Murthy, partner at Sherpalo Ventures and the Indian representative of KPCB, but declined to discuss details."

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