Mumbai, March 8
Shaadi.com, the flagship brand of People Interactive, which also owns Fropper.com, AstroLife.com and ShaadiPoint, has secured an investment of $8 million from WestBridge Capital Partners.
According to a press release issued by the company, Mr Sandeep Singhal, Managing Director, and Mr Sumir Chadha, Senior Managing Director, WestBridge, will join the board of the company as part of the deal.
Mr Anupam Mittal, Chairman and Managing Director, People Group, said, "This is the second deal we are announcing in as many weeks. Once again we have chosen to go with WestBridge Capital Partners as the lead investor not just for the financial investment that they bring but also because of their ability to understand and act in local conditions."
With this round we have raised a total of $18 million between our two flagship brands MAUJ (People Infocom) and Shaadi.com (People Interactive Pvt Ltd). Raising capital for two group companies simultaneously is a huge undertaking and is a testament to the quality of organisation our team has been able to build. The capital will be used to further expand our businesses through acquisitions and organic growth."Mr Sandeep Singhal, Managing Director, WestBridge Capital Partners, said, "Anupam and his management team have built the company into India's leading Internet company. We believe that this company will generate enormous shareholder wealth over the coming years while continuing to be a highly valuable company from a social standpoint. The company services truly change the lives of millions of Indians and NRIs around the world." The People Group recently announced a $10 million investment deal in People Infocom (MAUJ Telecom), with a consortium of investors WestBridge Capital Partners, Intel Capital, and Sequoia Capital.