Matrix invests in Indian mobile app developer U2opia
Matrix Partners India has invested an undisclosed sum in handset application developer U2opia Mobile, marking the company's first round of institutional funding.
Singapore-based U2opia makes mobile applications that help users connect to social networks such as Facebook without the need of a data connection, using the USSD platform present in all GSM mobile phones. Its marquee app Fonetwish has a reach of more than 300 million users globally, U2opita claims.
U2opia did not disclose the size of Matrix's stake. It plans to use the capital to expand its talent pool and its global reach.
The company launched in 2010 and has a presence in India, South East Asia, Africa and the Middle East.
"We remain excited about the consumer mobile services opportunity in India and believe that mobile will be integral to the growth of social media in India," Rishi Navani, managing director of Matrix India, said in a release.
Matrix makes early- and growth-stage investments of up to $30 million in India, targeting domestic companies in areas such as digital, mobile, education, financial services, healthcare and infrastructure. Its portfolio companies in the market include eye care chain Center for Sight, non-banking finance company Muthoot Finance and infant care service provider Kid's Clinic.
In May, it announced the close of its second fund in the market, Matrix Partners India II, with an investment corpus of $300 million. That raise brought Matrix's total assets under management to $600 million in India.
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