India-focused investment firm GTI Capital Group has invested $0.5 million (Rs 2.8 crore) in WebEngage, which offers online feedback and survey tools to e-commerce websites, a top executive with the investment firm told VCCircle.
This is part of three investments by the investment firm this year across sectors like auto components, food & beverages and e-commerce enabler (for other investments click here).
Investment in Mumbai-based start-up Webklipper Technologies Pvt Ltd, which offers online surveys and feedback tools for e-commerce sites through its product WebEngage, offers it a proxy on India’s e-commerce.
According to Forrester, the e-commerce market in India is set to grow the fastest within the Asia-Pacific Region at a CAGR of over 57 per cent between 2012-16.
WebEngage had raised its first round of funding from the Indian Angel Network, led by Google India chief Rajan Anandan in his personal capacity.
GTI Capital invests in both early stage and late stage opportunities. Founded in 2010, GTI typically also brings in investors who have put money in its fund as co-investors in the companies it invests in. GTI Capital Group, with offices in New Delhi and New York, is led by three managing partners – Gaurav Dalmia, Madhav Dhar and Jonathan Schulhof.
Dalmia, part of one India’s oldest business families, currently runs Landmark Real Estate Fund and is also founding sponsor of India Value Fund, Infinity Ventures, and Evolvence Fund. Dhar is co-founder of the multi-billion-dollar hedge fund Traxis and was earlier head of Morgan Stanley Asset Management’s Emerging Markets Group. Schulhof has co-founded GTI Capital’s legacy portfolio companies like Nova Medical Centres and Airworks India.
In the technology space, GTI Capital had last year also invested $0.5 million in dating and social networking site StepOut (which was earlier known as Ignighter), another startup which has been backed by active angel investor Anandan.
(Edited by Prem Udayabhanu)