1. Skip to navigation
  2. Skip to content



press room

Matrix Partners India invests INR 20 crores in Ver se

Mumbai, India, October 14, 2009 Matrix Partners India today announced that it has invested in Ver se Innovation Private Limited. Ver se provides mobile classifieds services in categories such as Jobs, Matrimonials, and Real Estate. The company targets consumers who use the mobile as the first point of information access and its services are currently deployed with the leading Indian mobile operators. The company received seed capital and has an international distribution partnership with OnMobile Global Limited (NSE: ONMOBILE). With the completion of this financing, Arvind Rao, Chairman and CEO of OnMobile Global Limited and Rishi Navani, co–founder & Managing Director of Matrix India, will join the board of Ver se Innovation Private Limited. “In India mobile is becoming the first point of information access and a utilitarian and livelihood enhancement service like mobile classifieds has significant demand. We are investing in scalable operations & infrastructure, product innovation, new business models, and building the ecosystem. The funding will help us accelerate our growth and deliver value to our customers and partners in the ecosystem. Ver se stands to benefit immensely from the experience of OnMobile and Matrix Partners India.” said Virendra Gupta, co-founder and CEO, Ver se Innovation Pvt. Ltd. “We see Value Added Services as an internet-scale market which is in its early stages of development. Ver se is the first OnMobile incubated and funded company wherein we are looking for exciting VAS concepts and teams led by dynamic entrepreneurs who can piggyback on the 1 billion consumer market reach which OnMobile has today. Our goal is to nurture, guide and help these entrepreneurs replicate the OnMobile success story and piggyback on our VAS leadership position in India, emerging markets and globally.” said Arvind Rao, co-founder, Chairman and CEO, OnMobile Global Limited. “We are excited about the consumer mobile services opportunity in India and what Ver se has been able to accomplish in a short period of time. We look forward to partnering with Virendra Gupta and the Ver se team and highly value the partnership with OnMobile Global Limited.” said Rishi Navani, co–founder & Managing Director, Matrix India. About Ver se Innovation Pvt. Ltd.: Ver se Innovation Pvt. Ltd. is a Bangalore, India-based company that powers comprehensive Classifieds services on the mobile using a combination of contextual vertical-specific search algorithm, natural user language technology, and best-in-class content aggregation. Ver se’ unique technology, product and consumer-centric approach is primarily focused on driving adoption of classifieds services on mobile. About OnMobile Global Limited: OnMobile is India’s largest white labeled VAS company for Mobile, Landline and Media Service Providers. OnMobile offers a one-stop solution for all needs through an innovative array of products in M-commerce, entertainment, media portals & interactive television programming, mobile marketing, user-generated content & social networking, mobile utility, data & 3G, and information & network products. The services are available across a range of channels like SMS, Voice, WAP, USSD and On-Device Portals, enabling end-to-end solutions. www.onmobile.com About Matrix Partners India: Matrix Partners India is an investment firm with INR 1,500 crores under management. The firm invests in companies targeting the Indian domestic market with a sector independent investment strategy focused on generating exceptional returns. The firm invests up to INR 125 crores in a company depending on its stage of development and has invested in several companies including FIITJEE, Itzcash Card, and Tree House. The Mauritius fund’s investors include leading university endowments and family foundations. Matrix Partners has a global network of funds investing in the US, China and India with $2 billion under management. Further information is available at www.matrixpartners.in

Press Inquiries

press@matrixpartners.in
+91 22 6768 0000