Yahoo! Inc. and venture capital firm Canaan Partners have announced that they will invest USD 8.65 million in Bharat Matrimony, which runs popular matrimony website that has about 3.5 million active users.
Canaan, which opened its Indian office in June, would be the lead investor in the ‘A’ round financing, which also includes Yahoo, a statement from Bharat Matrimony said today.
"India is one of the key markets for Canaan Partners and we are looking at creating lasting partnerships in the technology space," Canaan’s (India) executive director Allok Mittal said.
For Canaan, which is investing from its USD 450 million fund it raised last year, BharatMatrimony was the third investment in India, he said.
"India has a huge population of 1.1 billion, and the market is ripe for investment opportunities in technology and technology enabled services," Canaan General partner Deepak Kamra said.
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