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Mumbai, Aug. 23 Canaan Partners, a global venture capital firm, has invested Rs 21.52 crore in Cellcast Asia Holdings, Indian subsidiary of the UK-based Cellcast Plc, a global interactive digital broadcaster.

Canaan Partners will have a 38 per cent stake in the venture. Cellcast Asia Holdings will develop, produce and distribute participative digital content in Asia, excluding China.

The investment by Canaan Partners is expected to accelerate Cellcast’s growth and customer acquisition in India.

The group is targeting a regional market of over two billion consumers.

“Cellcast is joining our portfolio as our first mobile entertainment investment in India and this investment is our first in the growing trend of value-added services in India”, said Mr Alok Mittal, Managing Director of India, Canaan Partners.

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