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SoftBank Capital may pick up stake in Veta
Archana Venkat
Chennai, Sept 20
US-based venture capital firm SoftBank Capital is in talks with Chennai-based English language training institute Veta to pick up about 20 per cent equity in the company for about Rs 25 crore, according to sources.
SoftBank Capital focuses on three types of companies – content producers, software application developers and technology-based services providers.
Partners of SoftBank Capital are collectively responsible for gains on investments including Yahoo!, E*Trade, UT Starcom, GeoCities and GSI Commerce, according to the company’s Web site.
Veta is a privately held company with most of the equity held by the founders. The company has developed spoken English content to address niche segments of population starting from students seeking jobs to working individuals such as nurses, call centre employees, mechanics and even maids.
The SoftBank investment may open up venues for the company to digitise this content and perhaps make it available online.
When contacted, senior Veta officials confirmed that the deal was “in process” and that “nothing was finalised.”
They declined to share details of how this partnership would benefit the company.
Veta aims to have about 200 centres pan-India by the year-end and 500 by 2010.
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