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Google Increases Investment In India
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Also joins the Indian Angel Network to support entrepreneurship in India.
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Monday, October 29, 2007:
Google has announced two partnerships that further its commitment to fostering innovation in India. Google has invested in the early stage venture capital fund Ventureast TeNet Fund II -- a seed-stage fund run by the Tenet Group of IIT, Madras and Ventureast Fund Advisors. Google has also joined the Indian Angel Network, an organisation of professionals and companies dedicated to supporting entrepreneurship in India.
The Ventureast TeNet II fund invests in technology that enables early stage entrepreneurs to get their businesses off the ground.
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Emphasis is placed on technologies and solutions focussed on small and medium-sized enterprises and bridging the digital divide in India and global markets. The Indian Angel Network brings together entrepreneurs, companies and CEOs from India and around the world to provide money, mentoring and strategic inputs to early stage ventures in multiple sectors.
"The early stages of venture capital financing are underserved in the Indian market, despite their critical importance to the innovation chain," said Samir Sood, head, corporate development (South Asia), Google. "These partnerships will help us nurture the growth of start-ups and build a dynamic entrepreneurial environment in India," he added.
Earlier this year, Google invested in the venture capital funds Erasmic and Seedfund. Google's investment strategy has been to seek out unique products, technologies and engineering teams that can help it provide innovative products to users or enhance existing services.
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