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Matrix Partners India leads $15 million investment in TinyOwl

Mumbai, India – February 27, 2015: Matrix Partners India today announced that it has led a $15 million round of funding in TinyOwl Technology Private Limited. TinyOwl is a mobile-only food-ordering platform currently present in Mumbai. Existing investors Nexus Venture Partners and Sequoia Capital India also participated in this round. TinyOwl was founded by Harshvardhan Mandad, Saurabh Goyal, Tanuj Khandelwal, Gaurav Choudhary and Shikhar Paliwal, who are all ex-IIT Bombay, in 2014. Angel investors in the company include Kunal Bahl and Rohit Bansal of Snapdeal. “We have seen immense growth in the last one year in Mumbai. With current funding we will be aggressively taking TinyOwl to a national level and innovating on the product side to give seamless experience to the user.” said Harshvardhan Mandad, Co-Founder, TinyOwl. “We believe that there will be significant value creation in online food ordering in India, and a mobile-only approach is the way to win in the space. We believe in the TinyOwl team’s vision, their product, and their ability to execute at a pan-India level, and are excited to partner with them on their journey to create a large company. TinyOwl is a part of our broader portfolio of investments in the local services offline-to-online space, which we think will be an important area going forward.” said Rishi Navani, co-founder and Managing Director, Matrix India. “We partnered with the TinyOwl team in 2014 to help them realize their vision to reimagine food delivery in the era of smartphones, and are delighted to participate in their Series B financing. TinyOwl has made significant progress in the last few months - they have worked closely with restaurants and have also built a delivery infrastructure to ensure that more people can order from the convenience of their own homes. TinyOwl is live all over Mumbai and we are excited that they will shortly be available in other major cities” said Gautam Mago, Sequoia India. “TinyOwl is changing the way Indians dine in at home and office with their innovations across the value chain from order to delivery. We continue to be excited to work with them” added Suvir Sujan, Co-founder and Managing Director, Nexus Venture Partners. About TinyOwl Technology Pvt. Ltd.: TinyOwl is a mobile-only food ordering platform currently present in Mumbai. The focus of the company is on providing a superior consumer experience as compared to exisitng solutions. It plans to expand it’s offering to other cities across the country shortly. It has also recently added offerings such as home-chef aggregation to the platform. About Matrix Partners India: Matrix Partners India is an investment firm with INR 3,000 crore under management. The firm invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies including Biscoot (digital entertainment), Mswipe (mobile POS), Newshunt (mobile local language platform), Ola (cab marketplace), Quikr (online classifieds), Stayzilla (stays marketplace), Practo (marketplace for doctors) and Woo (social matchmaking), among others. Matrix Partners has a global network of funds investing in the US, China and India with US $3 billion under management. Further information is available at www.matrixpartners.in

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