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Our Bureau

Mumbai , July 7

Sherpalo Ventures and Kleiner Perkins Caufield & Byers (KPCB), venture capital firms from Silicon Valley, have announced an investment of over $5 million in Paymate, a global wireless technology solutions provider in mobile commerce.

Kleiner Perkins had announced the creation of the $600 million KPCB XII fund, which is not an India-specific fund, but capital from this fund is used for investments in India. Sherplao's stake in the company was not announced.

"With rapid proliferation of mobile phones, the wireless space offers great opportunities to create new payment paradigm and Paymate is well positioned to capitalise on this opportunity," said Mr Sandeep Murthy, Partner, Sherpalo Ventures and India representative KPCB.

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