AudioCompass, whose products act as a personal guide for travellers, has raised $400,000 (about ₹2.50 crore) as seed funding from a group of investors, including Blume Ventures and Urrshila Kerkar, a travel industry veteran. The company will use the funds to expand its destination coverage, strengthen its product development and fund new marketing initiatives. AudioCompass’s flagship product, a free smartphone app called “AudioCompass Guide,” offers professionally created experiential tours of hundreds of points of interest in India.

Helion, others invest ₹49 cr in Ezetap

Venture capital firm Helion has invested ₹49 crore ($8 million) in Ezetap Mobile Solutions, a provider of mobile phone-based payment services, along with Silicon Valley-based investor Social+Capital Partnership and Berggruen Holdings. Ezetap provides Mobile Point of Sale card reader used in hotels, fast food chains and other retail establishments, which is replacing traditional point-of-sale terminals.

Mayfield raises $108-m India fund

Mayfield, a global, early-stage venture capital firm, has announced the closing of a $108-million fund, its second dedicated India fund. Mayfield follows an early-stage venture capital strategy in India and invests between $2 million and $8 million in companies targeting the infrastructure sector, technology and technology-enabled services and the consumer middle class. Mayfield’s investments in India include Amagi Media, Centum Learning, Genesis Colors, India Property, Matrimony.com, Securens Systems, Tejas Networks and The Beer Café. Globally, Mayfield has over $2.6 billion under management.

Cartica buys 5% in Page Industries

Cartica Capital, a Washington, DC-headquartered, emerging markets fund manager, has bought a five per cent stake in Page Industries for about ₹317 crore. Page Industries is a licensed manufacturer of the Jockey brand of innerwear in India, Sri Lanka, Bangladesh and Nepal. Cartica bought the stake from an institutional investor and the promoters of Page Industries.

Bamboo Fin invests in Modern Family

Bamboo Finance, a global private equity group specialising in investing in business models that benefit low-income communities in emerging markets, has announced a Series B investment in Modern Family Doctor, along with existing investor Saama Capital. Modern Family Doctor runs a chain of primary care clinics in India with 25 clinics in Bangalore and Pune. Modern Family Doctor had raised the first round of institutional funding of $2 million from Saama Capital in 2011.

(This article was published on February 24, 2014)
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