NEW DELHI: Canaan Partners, international venture capital firm, today announced the funding of Bharat Matrimony Group, the leading online matrimonial service in India. Canaan is the lead investor in an $8.6 million a round financing that also includes Yahoo! Inc. The investment underscores Canaan's ongoing commitment to early-stage Internet-related deals in India said Deepak Kamra, a Canaan general partner. Canaan was the first investor in Match.com in the United States in 1995, Kamra noted. Match.com had revenues of $250 million in 2005. Canaan was also an early investor in Doubleclick, a pioneer in Internet banner advertising. “Canaan Partners was there in the early days of social networking on the Internet with Match.com, and we're capitalizing on the same kind of opportunity today in India. We saw pretty much the same thing at Match.com and we're seeing it again at Bharat Matrimony” Kamra said. “India has a huge population of 1.1 billion, and the market is ripe for investment opportunities in technology and technology enabled services.” © CyberMedia News
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