Matrix Partners continues to be bullish on the classifieds space. After Asklaila.com, a local classifieds company and Quikr, a horizontal classifieds portal, the Mumbai-based VC fund has now put in Rs 20 crore in Ver se Innovation Private Limited, a mobile classifieds service firm.
Ver se, which received seed capital from OnMobile Global Ltd, also has an international distribution partnership with the latter. Post equity infusion, Arvind Rao, Chairman and CEO of OnMobile and Rishi Navani, co–founder & Managing Director of Matrix India, will join the board of Ver se.
This would be the VC firm’s fourth investment in the last four months. Matrix India announced three investments including Rs 20-crore funding in Quikr India, Rs 100-crore investment in test preparation firm FIITJEE followed by Rs 50-crore fundraising of its portfolio company Itz Cash last week.
“Our goal is to help these entrepreneurs replicate the OnMobile success story and piggyback on our VAS leadership position in India, emerging markets and globally,” said Arvind Rao. “We look forward to partnering with Virendra Gupta and the Ver se team and highly value the partnership with OnMobile,” said Rishi Navani, commenting on the transaction.