Canaan Partners, the early stage venture investor will soon be exiting a few businesses. According to a report, it might be exiting Bharatmatrimony this year. Canaan, which had entered the Indian market in 2006 has made investments in companies like BharatMatrimony.com, Naaptol, and Iyogi among nine other startups. This will be the company’s second exit after it partially exited an enterprise and managed services startup called E4E.
Canaan holds 20% stake Bharatmatrimony.com, which had revealed its IPO plans last year.
Alok Mittal, MD at Canaan Partners said the Iyogi and UnitedLex are two other companies in its portfolio that have matured. “We might look at all options such as IPO or a secondary sale. But we can give out any specific numbers at this point in time,” he said.
Social networking site, Worldfloat, is looking to sell 10 percent stake to raise $50 Mn to expand its technologies at a larger scale and level. Worldfloat currently has about 50 Mn users, majority of them from India. The company is hopeful to get a valuation of about $500 Mn from VC funds.
In the coming six months it has plans to add about 30 new products. The site offers about lakh free movies online and a news search engine like Google news that shows the viral videos from all over the world along with an online university with computer and school courses.
Worldfloat has also recently launched the ecommerce feature taking on major players like OLX, Flipkart, and Snapdeal etc in discount deals market.