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Mauritius VF's second round of funding

By Our Special Correspondent

CHENNAI, NOV. 10. The $45 million Mauritius-based venture fund Jumpstartup is set to infuse an additional $1 million (Rs. 4.6 crores) second round funding into apnaloan.com, a loan portal.

The loan portal, jointly promoted by couple of ex-employees of ICICI, had earlier $250,000 (over Rs. 1 crore) first round funding from a consortium of three, including Jumpstartup. The other two were Rediff and Edelweiss. The contribution of Jumpstartup in the first round was Rs. 30 lakhs.

Disclosing this, Mr. K. Ganapathy Subramanian, Managing Director, Jumpstartup Fund Advisors (P) Ltd., which manages the fund, said Jumpstartup was also close to investing in `Internet space" by infusing seed fund into a Bangalore-based company which ``is putting up an innovative payment infrastructure.''

Jumpstartup, Mr. Subramanian said, had just finalised funding commitment to the tune of $1 million to Qsupport.com, a venture providing e-mail-based technology support for corporates. Infinity, another firm, would be funding $500,000.

The MD indicated that Jumpstartup would finalise yet one more deal by the close of the current calandar year. In this context, he said his company was closely vetting a U.S.-based company which had back office operations in Bangalore for possible venture funding option. Jumpstartup was considering a fund infusion of $2 million in the venture.

Mr. Subramanian said Jumpstartup would focus primarily on start- up technology companies in the West and the South. Quizzed further, he said his company was looking at entrepreneurial talents in Chennai, Bangalore, Mumbai and Pune for provision of venture fund in the area of information technology.

As a strategy Jumpstartup would take a seat on the boards of ventures funded by it and indicated that it would not be disinclined to provide `personnel support' should the need arise.

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