Canaan Partners, which entered the Indian market in 2006 and invested nearly $200 Mn in companies like BharatMatrimony.com, Cartrade.com, Naaptol, iYogi etc. is scaling down it’s Indian operations. With Alok Mittal, Managing Director of Canaan India, quitting the VC fund, the team of Canaan India is left to two, i.e., Rahul Khanna and Nishant Verman.
We spoke with Rahul Khanna who is also the MD at Canaan India. Though he denied to comment on whether he is moving out or staying back, our sources confirms that he is trying to raise an India specific fund as Canaan Partners might not allocate funds for India from its upcoming 10th global fund.
Both Alok and Rahul, in their conversation with us, clearly stated that Canaan India will not be making ant more fresh investments, though they will continue supporting Canaan’s current portfolio companies.
Both Alok and Rahul will remain on the boards of the companies in which they have invested. Alok is currently on the boards of BharatMatrimony (Matrimony.com), IndiaProperty, iYogi, mCarbon, UnitedLex, CarTrade and Happiest Minds.
This move comes in at the time when Canaan was looking to review its investment strategy in India and was in discussions with its global partners across the US, Israel and India for the same. It typically invests up to $10-15 Mn in startups.
Alok will now be focusing on his own startup (still under wraps) for which he is looking for a co-founder, as per the post by him through which he also communicated his move.