SAP Ventures backs Indian internet services firm One97

The company, founded in 2000, plans to use the funds to expand in emerging markets, hire more staff and conduct R&D, The Economic Times reported.

"One97 is right in the middle of exploding mobile usage among consumers in developing countries who are using their mobile phones to access the internet, play games, buy content and shop online," said Jai Das, managing director at SAP Ventures.

One97 announced a turnover of INR2 billion this year, up from just INR110 million in 2007-2008. The mobile advertising space has proved particularly lucrative for India companies, with InMobi, which now claims to be the world's largest independent mobile advertising network, securing a $200 million investment from Softbank Corp. in September.

SAP Ventures, which spun out of software giant SAP, is currently investing out of its $353 million fund raised earlier this year. The company previously invested off its balance sheet, but now SAP is an LP in the fund.

SAP Ventures focuses primarily on the US, Europe, India, China and Brazil, typically investing $3-10 million at a time. Speaking to AVCJ in July, Das said that the firm had completed six deals in the first half of the year, two of them in India. Past investments in the country include tech support firm iYogi and search engine Just Dial.

Several multinationals - such as Google, Nokia, Siemens and Intel - have started that venture capital funds that are active in India. It was reported in June that Unilever is to follow suit. Intel Capital is the most notable of the incumbents, having launched its $250 million India Technology Fund at the end of 2005.

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• Topics
• South Asia
• Technology
• Expansion
• India
• TMT
• Growth capital
• Venture
• SAP Ventures
• Intel Capital