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Matrix Partners India has invested Rs 20 crore ($4.5 million) in vJive, an out-of-home media and digital signage network owned by Digital Music India Pvt Ltd.

Matrix's Rs 20 crore is an initial tranche of an overall Rs 100 crore investment plan for the company, a statement from the company said. It's however not clear if Matrix would invest the entire Rs 100 crore or $22.5 million. With this investment, Avnish Bajaj has joined the Board of Directors of DMI.

iJive is going to be the fourth investment of Matrix in India. It had earlier invested $7 million in Seventymm.com, an online DVD rental company, $5.5 million in Moods Hospitality, the owners of food chain Yo! China, and an undisclosed sum in a stealth mode start-up Four Interactive.

Out of Home advertising is becoming an attractive opportunity in India. UTI Venture Funds invested $10 million in Laqshya Media, and the investment thesis is that OOH can become a large business with Indian highways and roads expanding.

Rajesh Jog, Co-Founder and CEO, vJive, said that they are deploying 2,000 digital screens currently, which will be scaled upto 100,000 screens in the next few years.

Avnish Bajaj, Founding Managing Director, Matrix Partners India, said, "vJive is addressing a significant market opportunity and has the largest network of OOH digital signages under deployment. In a fragmented OOH market with lots of noise and business plans, we strongly believe that vJive's technology for providing customized marketing solutions to its network of advertisers is a significant differentiator."