Canaan Partners, the $2.3 billion (Rs9,453 crore), Menlo Park-headquartered venture capital investor, has invested $5.25 million in digital media company Cellcast Asia Holdings, marking the second VC-backed spin-out deal in the country in two months.
Earlier, IDG Ventures India invested $6 million in ConnectM Technology Solutions Pvt. Ltd, a communications solutions company spun out of Sasken Communication Technologies Ltd. Unlike ConnectM, which will address opportunities untapped by Sasken’s core business, Cellcast Asia will replicate the business model of its parent company.
The Mumbai-based Cellcast Asia Holdings has been spun off from its UK parent Cellcast Plc. Canaan has picked up a 38.9% stake; the employees will hold 23.6% through a trust and Cellcast will retain a 37.5% stake. This is Canaan’s fourth deal in the country since it started investing here in 2006 out of its global $450 million fund.
Cellcast Asia Holdings was formally constituted after the UK company decided to consolidate its almost two-year-old Asia operations—Cellcast Interactive India Pvt. Ltd, a 100% subsidiary set up in 2005, and Cellcast SEA Ltd, a 50:50 joint venture in Malays
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