The Hindu Business Line : Yahoo, Canaan Partners invest $8.65 m in BharatMatrimony.com

Internet search engine major Yahoo Inc and US-based venture capital, Canaan Partners, have jointly invested $8.65 million in BharatMatrimony.com Pvt Ltd. The infused capital would be used to enhance the portfolio of services offered by the BharatMatrimony Group.

However, parties involved in the deal did not reveal the funding structure of the investment.

"We have plans to expand our presence and invest in the global personal space. We will double our headcount to 700 towards the end of this year. The group also has plans to increase the number of BharatMatrimony Centres (BMC) from 38 to over 300 across the country by 2008," said Mr Murugavel Janakiraman, CEO, BharatMatrimony Group.

The group has plans to open offices in the UK and in key South East Asian markets to cater to the Indian Diaspora.

Speaking on the occasion, Mr George Zacharias, Managing Director, Yahoo Inc (India), said, "This is a very strategic alliance. On completion of the investment, Yahoo and BharatMatrimony will cooperate through a business partnership. The group will also power Yahoo Matrimony and Yahoo Property through their portal."

Mr Alok Mittal, Executive Director, Canaan Partners, also attended the press meet. Mr Mittal is also the founding managing director of job portal JobsAhead.com.

Apart from managing India's premium marriage portal, BharatMatrimony group has successfully launched five other portals — ClickJobs.com, IndiaProperty.com, IndiaAutomobile.com, IndiaList.com and BharatBloodBank.com.

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