Business Standard reports that Google Inc has joined as board member of Band of Angels (BoA), a set-up of Indian entrepreneurs who invest in growing venture companies. Band of Angels comprises of big names of Indian entrepreneurs such as Jerry Rao, Pramod Bhasin, Raman Roy and many more.
Alok Mittal, member of BoA and leading Canaan Partners, said, “Google has signed up as an institutional member recently. There is a limit till which each angel can invest in a company. Beyond that, an institutional member can co-invest with any angel if it finds the idea or the company interesting. This move by Google affirms that innovation has started flowering in India and it is worthwhile taking strategic bets on it. “
“Google, by joining BoA is making a statement which cannot be ignored. It is high time VC funds seriously start investing in seed-stage companies in India, which is the actual reason why Silicon Valley is what it is today,†an industry analyst said.
So far, Google has not made an official comment.
Google, recently showed a long spate of purchases in Indian venture companies. Yesterday it was Ventureast TeNet Fund II and before that Seed Fund and Erasmic Fund.
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