Google, through Google Holdings Singapore, has acquired 30 per cent stake in Ventureast TeNet Fund II for Rs 15 crore ($3.75 million), reports VC Circle. This is Google's third investment in Indian venture capital funds. It had earlier invested in Mumbai-based Seed Fund and Bangalore-based Erasmic Fund.
Ventureast TeNet Fund, with a corpus of $15 million, was launched in 2001 to finance start-ups in the telecom and IT sectors. The fund is managed by Ventureast Fund Advisors India Ltd while The TeNet group of IIT, Chennai, is the technology advisor. Ventureast TeNet Fund II, in which Google has invested, will have a corpus of $12.5 million (Rs 49.5 crore).
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