Chrysalis invests Rs 10 cr. in baaZee

CHENNAI: Chrysalis Capital, a $65 million Indian venture capital fund company, has committed over Rs 10 crore to baaZee.com. The site is yet to be launched and promises to be an innovative e-commerce site. Microsoft Corporation has recently offered $5 million to Chrysalis, making it the first Indian venture capitalist to receive funds from the software giant. Chrysalis' director Ashish Dhawan said, "We are very excited to partner with baaZee.com. We are confident that this stellar team will capitalize on the early-mover advantage to dominate their space."

Raj Koundur of Chrysalis added, "E-commerce in India has a tremendous potential and our relationships with global e-commerce majors will help build substantial value." Meanwhile, the company is looking for some more potential concepts based on Internet and e-commerce. Conceptualized in November 1999, baaZee.com was founded by Avnish Bajaj and Suvir Sujan, two Harvard Business School graduates.

Avnish Bajaj, Chairman and CEO of the company said, "baaZee.com will be an efficient, secure and fun place to transact online and we are committed to delivering a special experience for all users." The company is in discussions with portals and other e-commerce sites for potential strategic alliances. The company is also targeting businesses that wish to sell their products online and has partnered with several vendors to offer their products through baaZee.com.