Google Sprinkles Seedfund With Cash
Google's made one more step into India, but it's done so in an uncharacteristically quiet manner. Rather than buy out another company, or at least throw up a new research center, the search engine giant merely contributed an "undisclosed amount" to a seed investment firm known as Seedfund.
In terms of information about this Indian entity, well . . . there isn't much. Seedfund's website appears to consist of exactly one webpage (written in flawless English, for which I'm extremely grateful). "We have offices in Bombay and Bangalore," the page states, and they've "arrived at a fund size of about $10 million."
The site also provides a list of "limited partners," and some impressive names follow, including Motorola Ventures, Reliance ADA Group, SVB Financial Group, Sierra Ventures, Mayfield Fund, and Edelweiss Capital.
A Red Herring article sheds a bit more light on the matter. "Seedfund is committed to investing in very early-stage startups in India, especially innovative companies that primarily serve the Indian market," writes Kalpana Shah.
"The Google decision may be unusual for the company," Shah continues, "but it's a smart option at this point in India. Google has its own R&D team in India to offer local systems for the emerging market, but their success depends upon how rapidly and effectively they are adopted."
Google India's Press Center has been silent on the matter, and the Seedfund page doesn't specifically mention any fresh deal. But the very first line of that page hints at what this exchange may result in: "Big backing + tiny fund = giant impact."
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Tag: Google, Seedfund
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