Bertelsmann backs India’s Nirvana Ventures

Bertelsmann said it had agreed to invest a "multi-million dollar amount" in the fund. The manager, Nirvana Venture Advisors, currently has two funds worth $40.5 million between them. It was set up by Amit Patni, whose family founded Patni Computers and sold it to iGate Corporation in 2011, and Rajan Mehra, formerly a venture partner at the India affiliate of Clearstone Venture Partners.

"Expanding our business in India is an important part of Bertelsmann's growth strategy. We now have holdings, with three partners, in renowned funds in India that focus on the digital or education sectors, which are important to our strategy," Shobhna Mohn, executive vice president of emerging markets at Bertelsmann, said in a statement. "We are also and simultaneously investing directly in selected companies that are of strategic relevance for us."

Bertelsmann has made three direct investments in India: e-commerce platform Pepperfry, real estate portal Indiaproperty, and Authorgen Technologies, which operates online education platform Wiziq.com.

The company, which is present in 50 countries with revenues of EUR16.4 billion ($22.4 billion) in 2013, is also active in India through its core media business. Fremantle Media, the production unit of RTL Group, is responsible for shows such as "Indian Idol" and "The X Factor," while Penguin Random House India is the country's largest English-language trade book publisher.

Nirvana's portfolio companies include payment solutions provider Transerv, insurance claims management platform Remdinet, product reviews site Reviews42, online gaming company Games2win, and online staff assessment and measurement tool Jombay.com.

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