Next in line of Google Inc's long list of purchases is its acquisition of Ventureast TeNet Fund II for which the company (Singapore branch) coughed up a sum of $3.75 Million.
"The fund began with a corpus of $15 million with a mandate to finance start-ups in the telecom and IT industries. Ray Stata, Chairman and co-founder of Analog Devices of the US, had invested $10 million alone in Fund I. The TeNet group of IIT, Chennai, is the technology advisor, while Sarath Naru of APIDC is one of the co-founders of the fund. It typically will invest $2.5 million $10 million in an early stage venture. With Google acquiring 30 per cent in Fund II for $3.75 million, the size of the fund II is likely to be $12.5 million."
This is Google's third ever acquisition of Indian venture companies, the previous being Seed Fund and Erasmic Fund.
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