Matrix India sets up seed program

Rishi Navani, managing director at the investment firm, said that the program demonstrates Matrix's commitment to early stage investing in India. "The Indian mobile opportunity, with almost a billion mobile subscribers, is a key focus area for new investments," he commented.

The firm has also announced two new early stage investments: in Twist Mobile and a stealth mode internet company engaged in social commerce.

Twist Mobile, an Indore-based mobile apps and games development company, was founded by game designer Virat Khutal.

"That the internet is a large opportunity in India is well known and talked about - the firm's focus is to back select high quality entrepreneurs at an early stage who are focused on bringing innovation to the Indian internet consumer with a world class and clutter breaking user experience", said Matrix Managing Director Avnish Bajaj.

The Twist Mobile deal represents Matrix's fourth investment in the mobile sector. Last September, the firm invested in handset application developer U2opia Mobile, marking the Singapore-based company's first round of institutional funding. 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.

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.

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• Topics
• South Asia
• Technology
• Early-stage
• seed
• Matrix Partners
• India
• Technology