Search engine giant Google is spreading its wings in the Indian investing business. Now the technology giant has joined as one of the institutional members of Delhi's Band of Angels (BOA). Google had recently acquired 30 per cent units of Ventureast TeNet Fund II for Rs 15 crore or $3.75 million. Google had also previously invested as a limited partner in two early stage funds - Erasmic Venture Fund and Seed Fund.
BOA is a network of high networth individuals, experienced entrepreneurs, and top technology executives, who will individually invest in startups selected by the forum. BOA is not a fund, so the members do not make an investment in BOA, they directly put in money in their individual capacity in startups. BOA essentially works as an organised platform in sourcing the deals, due diligence, and in forming an investing syndicate.
It has two kinds of membership - individual and institutional. Among the institutional members, besides Google, there are others like jobs portal Naukri.com, Lightspeed Venture Partners, Punjab Venture Capital and SIDBI Ventures.
By joining BOA, Google will also get access to the proposals that flow into the angel investing forum. It's definitely a nice idea. Band of Angels has some 50 individual members like Saurabh Srivastava of Xansa, Alok Mittal of Canaan Partners, Pramod Bhasin of Genpact, Raman Roy of Quatrro, and Jerry Rao of Mphasis.
BOA has invested in companies such as Knowcross (a hotel management software company), Sanshadow Consultants (IPR consultancy) and DVD rental company Madhouse (which it exited recently), to name a few.
Read more in The Business Standard article.
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